IF I take a part-time job (with taxes/social security out) for the rest of 2013, do I still need to file self-employment tax?

Asked 7 months ago - Sarasota, FL

Dealing with my breast cancer I have been in limbo regarding work. I have only been doing various self-employed (sub-contractor with no deductions) for most of 2013, and was waiting to rejoin the workforce after all treatment was finished (last month). But with only 3 months left to go is it a wiser course to finish out the year as self-employed (for tax purposes), or taking a part-time seasonal job (with taxes being taken out) to assuage my self-employment taxes?

Attorney answers (2)

  1. Joe Matthew Queen

    Contributor Level 12

    1

    Lawyer agrees

    1

    Answered . This question is likely better answered in the tax section or by a CPA. That being said, you're letting the tax tail wag the dog. If you're really concerned, then estimate your self employment taxes and weigh your net income from self employment against your net income from working part time. Take the higher of the two.

    Do not assume that there are mysterious deductions available to you that attorneys will find. These mysterious deductions and write offs are largely media exaggerations. I rarely encourage people to make financial decisions based principally off of the tax effects. Taxes are something to deal with in relation to other larger concerns, such as the potential for you to turn your part time job into a full time job or develop your self employment business into something more lucrative.

  2. Brett A. Borah

    Contributor Level 20

    Answered . I agree with Mr. Queen.

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