Self-employment income generated through the year will definitely have tax implications for you come tax time. There are so many individual variables when determining what is owed in personal/business taxes, it is impossible to make a blanket statement. For a self-employed individual, most of the time you will be required to pay both your regular

As a sole proprietor, you can deduct anything that is used for your business. You can deduct office supplies and travel expenses. You can even deduct a portion of your rent or mortgage if you work from a home office. Basically, you can deduct any expenses necessary to generate income from your home based business.

You have several options: • Put it on a credit card (for smaller amounts) • Take out a personal loan from a bank or credit union • Set up an installment plan with the I.R.S. • Seek relief from the I.R.S. for the bill