We offer an all-in-one financial package to enable tax savings for the self-employed.
Self-Employed Tax Optimization
A comprehensive financial package is designed to save you thousands of dollars every year, legally and ethically.
Reduce your taxes
Right business structure, legit tax deductions and more saving for retirement accounts.
Mange your money
Estimate your taxes and manage your money with accurate bookkeeping.
Enjoy peace of mind
Stress free tax season by having your taxes filed accurately and on time.
Maximize your tax savings with an S-Corp
We change your business structure to S Corp to save you on self-employment and income taxes. We’ll take care of all aspects of the work.
$100k
Net Income
How it works
Affordable Pricing
Our freedom plan offers clear and straightforward pricing plans for Self Employed. Choose your plan and start saving.
Why work with NumberSquad?
An all-inclusive financial solution to reduce taxes for the self-employed. You focus on what you do best, and we’ll take care of all the details.
Expert Team
Your dedicated team of tax experts, bookkeeping professionals, and payroll specialists will handle every aspect of the work. We are open year-round.
Customized Software
You can manage your finances easily and safely through our web and mobile application, DocuPort. Get organized and save time, effort, and labor.
Responsive service
Meet your dedicated account manager at NumberSquad—no need to waste time trying to reach different service providers. Get answers fast when you need them.
Our Freedom Plan works best for Solopreneurs and Micro-business Owners
We cover your tax filing needs and reduce your tax liability if you identify yourself as at least one of the following solo entrepreneurs: Freelancers, Self-employers, Independent contractors, One-person businesses, and Micro business owners.
Solopreneur
A solopreneur is a self-employed entrepreneur who operates alone without partners or employees. They are responsible for all aspects of their business, including product development, marketing, sales, customer service, and finances. Solopreneurs enjoy the benefits of independence and flexibility but face the challenges of managing their time, resources, and finances.
Micro business
A micro business is a tiny business, usually with less than five employees and a low level of revenue. A single person, a family, or a small team may run micro businesses. Due to their small size, micro-businesses often face unique tax challenges, such as limited resources for accounting and bookkeeping, complex tax regulations, and difficulties accessing financing or tax incentives.
What is a Freelancer?
A freelancer is a person who offers their services to clients on a project-by-project basis. They typically work remotely and may have multiple clients at the same time. Freelancers may specialize in a particular skill or industry, such as writing, graphic design, programming, or consulting, and are responsible for managing their own schedules, invoicing, and taxes.
Benefits of S corp
An S corp is one of the most popular business structures that allows self-employed individuals to reduce their tax liability. By forming an S corporation, a self-employed person can receive a portion of their income as a salary and the rest as profits, which are not subject to self-employment tax. S corp may provide significant tax savings, limited liability protection, and potential tax write-offs.
What is an S corp?
An S corporation is a legal entity and business structure that provides its owners with limited liability protection while offering tax advantages by allowing profits to be distributed to shareholders without incurring corporate income tax.
Why S corporation?
An S corporation can provide tax benefits for one-owner businesses by allowing them to pay themselves a salary, which is subject to employment taxes and to take the remainder of the profits as a distribution, which is not subject to self-employment taxes.
Learn more about S corpChoose the Right Entity Type
Choosing the right entity type for your new business can have significant impacts on legal liability, tax obligations, and operational flexibility. Selecting the appropriate entity type can also help maximize tax benefits and minimize tax liabilities.
More about Entity TypeHow to elect S Corp?
If you own a business, under either LLC or corporation, you must file Form 2553 with the IRS to elect S corporation status. Your LLC or corporation must meet certain eligibility requirements, and have all shareholders consent to the S corp election.
More about IRS form 2553Futured by following media outlets
Frequently Asked Questions About Self Employment Tax
What is self employment tax?
Self-employment tax is a tax that individuals who work for themselves must pay to fund Social Security and Medicare. It is calculated based on your profit, which includes income from any business you own or operate as a sole proprietor. The current rate for self-employment tax is 15.3% of your net earnings, with 12.4% going towards Social Security and 2.9% going towards Medicare. Keep track of your self-employment tax obligations and make required quarterly estimated tax payments to avoid penalties and interest charges.
How is self employment tax calculated ?
Self-employment tax is calculated based on your profit (net earning) from self-employment. To calculate it, you must multiply your net earnings by the self-employment tax rate, which is currently 15.3%. However, you can deduct half of this amount as a deduction on your tax return. It’s important to note that self-employment tax is separate from income tax you may owe, so be sure to budget accordingly.
What is self employed quarterly tax?
As a self-employed individual, it’s important to remember that you are responsible for paying quarterly taxes on your income. You must estimate your earnings and pay a portion of your taxes to the IRS every three months. The IRS also has a form specifically for calculating estimated quarterly taxes, and many tax professionals are well-versed in helping self-employed individuals navigate this process. Don’t let quarterly taxes catch you off guard – plan and stay on top of your obligations.
Due dates for 2023 self-employed quarterly tax
1st self employed quarterly tax payment: April 18, 2023
2nd self employed quarterly tax payment: June 15, 2023
3rd self employed quarterly tax payment: September 15, 2023
4th self employed quarterly tax payment: January 16, 2024
You can make your payment through the IRS website at https://www.irs.gov/payments
The IRS form for self-employed quarterly tax is 1040-ES
Self employment tax calculator 2023
To calculate your self-employment tax for 2023, you’ll need to gather your total self-employment income for the year and subtract any allowable deductions. Once you have your net self-employment income, multiply it by the self-employment tax rate, which is currently 15.3%. This will be your total self-employment tax liability for the year.
For example, if you made $100,000 after deducting all your expenses, your self-employment tax is $15,300 ($100,000 X 15.3%)
