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156 - Determining Business Income
On this episode I dig into quarterly taxes and how to calculate them for your business.
If you haven't already, go back and listen to yesterday's episode before diving into today's episode.
The first step is to understand what business income is. According to the IRS, self-employment income is income earned from carrying on a trade or a business as a sole proprietor, contractor, or some form of partnership.
Keeping it simple, if you're doing something that's bringing in money and you're listening to this podcast, you probably have a business.
For tax purposes, freelance/1099 income is the…
The skinny
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