1. What Are Personal Income Taxes?

Personal income taxes are taxes paid on your individual earnings, including:

• Wages from a job (W-2)

• Tips & bonuses

• Interest & dividends

• Unemployment income

• Retirement income (pensions, Social Security — depending on situation)

Most individuals file with the Form 1040, which reports total income, deductions, credits, and your final tax amount or refund.

Common Deductions for Personal Taxes

• Standard deduction

• Mortgage interest

• Student loan interest

• Charitable donations

• Medical expenses (if itemizing)

What Are Self-Employed Taxes?

If you work for yourself — freelancer, contractor, gig worker, small business owner — you are responsible for self-employment tax plus regular income tax.

Self-employment income includes:

• Freelancing

• Online business revenue

• Rideshare & delivery income

• Independent contractor work

• Home-based business income

• Selling products/services

Forms Used

• Schedule C: Reports business income & expenses

• Schedule SE: Calculates self-employment tax

• Form 1040: Main individual tax return

---

3. Self-Employment Tax Explained

Self-employment tax covers:

• Social Security

• Medicare

The rate is:

• 15.3% total

  • 12.4% Social Security

  • 2.9% Medicare

But you can deduct 50% of the self-employment tax as an adjustment to income.

---

4. Common Deductions for Self-Employed Individuals

Self-employed people can reduce taxes significantly by claiming legitimate business expenses.

Popular Deductions

• Home office expenses

• Mileage & vehicle expenses

• Office supplies / equipment

• Advertising & website costs

• Software / subscriptions

• Phone & internet (business portion)

• Professional services (tax prep, bookkeeping)

• Travel and meals (business-related)

These deductions help lower your taxable income, leading to a smaller tax bill.

---

5. When Are Taxes Due?

Personal Taxes

• Due April 15 (or next business day if weekend/holiday)

Self-Employed Quarterly Taxes

Self-employed individuals usually must pay estimated taxes four times a year:

• April 15

• June 15

• September 15

• January 15 (following year)

Failing to pay estimated taxes can result in penalties.

---

6. Why File Correctly?

Filing correctly helps you:

• Avoid penalties

• Claim all possible deductions

• Get a larger refund (if owed)

• Stay compliant and protect your business

Accurate filing is especially important for self-employed individuals, since the IRS expects detailed reporting of income and expenses.

---

7. Need Help With Taxes?

Whether you’re filing personal income taxes or handling self-employment tax, guidance can help ensure accuracy and maximize deductions.

Sed tincidunt tempor leo, vitae consequat lorem ornare ultricies. Nullam fringilla ultricies pharetra. Aliquam suscipit leo vel est fringilla laoreet in eget lorem. Proin non rhoncus nulla. Pellentesque porta nunc pretium, scelerisque justo a, tincidunt tellus. Mauris eu dictum mi. Vivamus non finibus ligula.

Sed tincidunt tempor leo, vitae consequat lorem ornare ultricies. Nullam fringilla ultricies pharetra. Aliquam suscipit leo vel est fringilla laoreet in eget lorem. Proin non rhoncus nulla. Pellentesque porta nunc pretium, scelerisque justo a, tincidunt tellus. Mauris eu dictum mi. Vivamus non finibus ligula.

Quisque in placerat nunc, vitae tincidunt quam. In molestie fringilla massa sed eleifend. Praesent sollicitudin massa ut leo dignissim auctor. Vivamus ut libero vitae odio pellentesque tempor sit amet at felis.

Nulla consectetur maximus turpis a egestas. Mauris efficitur, ante non bibendum eleifend, diam massa varius ex, non vestibulum risus metus in eros.