What are the tax implications of being self-employed?

What are the tax implications of being self-employed?

Gregg Wind (Partner, Wind Bermer Hockenberg, LLP) gives expert video advice on: What are the tax implications of being self-employed? and more...

If you're self-employed, you'll generally pay taxes on a quarterly basis. Employees have taxes withheld from their salary, but self-employed people don't. The self-employed generally remit tax payments quarterly with coupons to both the federal and state taxing authorities. And the onus is really on the self-employed person to figure out what tax they owe and that is based on their net income, what they actually collect from their clients, less the expenses that they have that are deductible.