finance5 sections · 24 items
Self-Employment Tax Cheat Sheet
Quarterly estimated tax deadlines, SE tax calculation, deductible expenses, and record-keeping essentials for freelancers and sole proprietors.
2026 Quarterly Estimated Tax Deadlines
| Item | Value |
|---|---|
| Q1 (Jan–Mar) | April 15, 2026 |
| Q2 (Apr–May) | June 15, 2026 |
| Q3 (Jun–Aug) | September 15, 2026 |
| Q4 (Sep–Dec) | January 15, 2027 |
Self-Employment Tax Calculation
| Item | Value |
|---|---|
| SE Tax Rate | 15.3% total |
| Social Security Wage Base | $176,100 (2026) |
| Additional Medicare Tax | 0.9% |
| SE Tax Deduction | 50% of SE tax |
| Net SE Earnings Factor | 92.35% |
Common Deductible Business Expenses
| Item | Value |
|---|---|
| Home Office | $5/sq ft (simplified) |
| Vehicle (Standard) | $0.70/mile (2026) |
| Health Insurance | 100% deductible |
| Retirement (SEP IRA) | Up to 25% of net SE income |
| Software & Tools | 100% deductible |
| Professional Development | 100% deductible |
Safe Harbor Rules (Avoid Penalties)
| Item | Value |
|---|---|
| Pay 100% of prior year | Total tax from last year's return |
| Pay 110% of prior year | If AGI > $150K ($75K MFS) |
| Pay 90% of current year | Estimated current year liability |
| Penalty exception | Owe less than $1,000 |
Record-Keeping Essentials
| Item | Value |
|---|---|
| Income Records | Keep 3–7 years |
| Expense Receipts | Keep 3 years minimum |
| Mileage Log | Date, destination, miles, purpose |
| Home Office Records | Sq footage, mortgage/rent, utilities |
| Retirement Contributions | Keep indefinitely |
Tip: Use landscape orientation for wider tables
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