Many newly self employed individuals forget one of the most important things about owning their own business....self employment taxes. Those line items that you used to see like Social security and federal income tax that your employer used to take out of your paycheck is now your responsibility to pay. Read more from the IRS: https://www.irs.gov/businesses/small-businesses-self-employed/understanding-employment-taxes. Once you're all caught up, set up an account and start paying your taxes quarterly. https://www.irs.gov/payments/eftps-the-electronic-federal-tax-payment-system
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