As a self-employed entrepreneur you have certain
obligations according to the IRS.
- You have to pay social security tax and
- You are also obligated to pay income tax.
- You have to pay
If you expect to owe $1,000 or more when
you file your tax then you are obligated to pay
estimated taxes (social security, Medicare and
You have to pay estimated taxes on a
- File Tax Report:
If your business generate a net income of
$400 or more you have to file a tax report.