tax-planning
Tax Planning
Overview
Taxes are one of the biggest expenses for solopreneurs. Without planning, you'll overpay or face penalties. With planning, you can legally minimize your tax burden and keep more of what you earn. This playbook covers tax fundamentals, quarterly payments, deductions, and strategic decisions like S-Corp election. Disclaimer: This is educational content, not professional tax advice. Consult a CPA for your specific situation.
Step 1: Understand Your Tax Obligations (U.S.)
As a solopreneur, you pay multiple types of taxes. Know what you owe.
Tax types:
| Tax Type | What It Is | Rate | When You Pay |
|---|---|---|---|
| Income Tax | Federal tax on profit | 10-37% (marginal brackets) | Quarterly estimated + April 15 |
| Self-Employment Tax | Social Security + Medicare | 15.3% on net earnings | Quarterly estimated + April 15 |
| State Income Tax | State tax on profit (if applicable) | 0-13% (varies by state) | Quarterly estimated + state deadline |
| Sales Tax (if selling physical goods) | Tax on sales to customers | Varies by state | Monthly or quarterly |
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