Official November Thread: General Discussion

[JKratzer]

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does anyone know where I can find the tax breakdowns for a self employed person? i.e. 50k/year u pay 35%, 100K per year u pay 45% etc. (doubt those are acurate) I tried looking on irs.gov but was unable to find this.

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http://www.irs.gov/pub/irs-pdf/f1040es.pdf

page 3 has a breakdown depending on your filing status. having gone through this myself i highly recommend getting a tax pro to help you, this cost me less than $300 and involved several appointments to on my part with different questions. also, depending on your situation creating/funding a sep-ira could be a very good idea. self-employed persons can contribute 25% of their income (max 40k) to it which also reduces your reported income and can put you in a lower tax bracket.

(disclaimer - i have no tax/legal qualifications)