Items you may have to file, now that you’re self employed

There is a lot to keep track of in self employment, the list below contains filing responsibilities you may have and be unaware of as a self employed individual. We are able to help with any of these filings.

Sale tax, sales tax returns

Most services are not subject to sales tax regardless of the state you’re in (however, in CT, some are- click here for the list). Many self employed individuals are surprised to learn that that does not mean they don’t have to file sales tax returns. CT generally requires all business to file at least an annual sales tax return, due January 31st, reporting total sales, and what amount of those sales are taxable (for a service business, usually zero). This reporting is usually done via a state’s web portal. This portal in CT’s case is MyConneCT. If you believe you have a filing requirement and would like our assistance, just contact our office.

1099s

If you make total payments in a year of more than $600 to any one individual or business you are required by the IRS to send that individual or business a 1099 showing the amounts you paid them that year. (Please note, if the business you paid is a Corporation, you do not need to send a 1099). 1099s can be filed by most bookkeeping services, you can file them yourself with software or via a 1099 filing website. These forms are due by January 31st. We can also assist with 1099 filing, although we are not usually the most cost effective option for this service.