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Thread: Self Employment and Georgia State Taxes

  1. #1

    Default Self Employment and Georgia State Taxes

    Hi Guys,

    My husband and I file taxes together (Married filed jointly). We live in Georgia and have to pay state taxes. Lately, I been making some money through self employment. I am paying on this income by sending in quarterly taxes. Do I have to pay state taxes on the income that I am making through self employment? I would really appreciate any advice on this matter.

  2. #2
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    Yes you do and you are doing right by sending quarterly taxes because they will fine you for it if not.

  3. #3

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    All officially registered must be paid for by taxes. You're doing everything right. And I advise you to continue doing this, because otherwise there will be big problems.

  4. #4

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    Quote Originally Posted by Elizabeth706 View Post
    Hi Guys,

    My husband and I file taxes together (Married filed jointly). We live in Georgia and have to pay state taxes. Lately, I been making some money through self employment. I am paying on this income by sending in quarterly taxes. Do I have to pay state taxes on the income that I am making through self employment? I would really appreciate any advice on this matter.
    100%. That's why when you hire a guy to come fix something on your property, they always ask for cash! They don't want to report anything and pay tax on it.

  5. #5

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    Quote Originally Posted by DavisIT View Post
    All officially registered must be paid for by taxes. You're doing everything right. And I advise you to continue doing this, because otherwise there will be big problems.
    I also want to share a story
    I had a case when I forgot to pay the tax at the end of the month and I was issued a penalty in the percentage amount for this, and this is quite hard on my wallet. So since then, I asked a friend for a tax calculation service, and he recommended it to me https://taxfyle.com/sales-tax-calculator with the help of which I control the situation and no longer receive fines, so I want to advise you to monitor this and especially in Georgia, since as far as I know there are quite strict laws on this matter, I was there for work and was somewhere 4 months, and paid for my business there, the figures surprised me enough

  6. #6

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    What hurts you on self-employment is the social security tax you have to pay on your profit.
    Chris
    Owner Cel Financial
    https://incometaxprepfillmore.com/

  7. #7
    Mr. Tax Man
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    Quote Originally Posted by chrismarklee View Post
    What hurts you on self-employment is the social security tax you have to pay on your profit.
    Keep in mind it is still important to contribute to the social security system if you're hoping to get any meaningful benefit. The taxes you pay do benefit you more directly than other taxes. Certainly one can try to minimize the impact of taxes, but self-employment taxes on a certain level of income at least ensure you're contributing to the system.

    If the amount of profits you have subjected to SE tax is more than you'd be making in a reasonable salary, that's when another entity choice may make sense. But in fairness, you can cut te apple a few different ways but SE tax would be paid either indirectly through payroll or just through the simplified way through your tax return.
    Small Business CPA
    "A tax loophole is something that benefits the other guy. If it benefits you, it's tax reform."

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