Expert Tax Preparation for Sole Proprietors & Self-Employed Professionals
What We Do
We provide accurate and comprehensive tax solutions for independent business owners, from professional consultants to gig economy workers. As a sole proprietor, your business income is reported directly on your Form 1040, making strategic Schedule C management critical to your overall financial success.
Key Services
Schedule C Maximization: We meticulously categorize your business income and expenses to arrive at your true net profit while uncovering every eligible industry-specific deduction.
Self-Employment Tax Optimization: We calculate your 15.3% self-employment tax (Social Security & Medicare) and apply the 50% "above-the-line" deduction to lower your overall taxable income.
1099-K & 1099-NEC Reconciliation: With the IRS monitoring digital payments more closely (including Venmo and PayPal transactions over $600), we ensure your reported income matches your 1099 forms to prevent audit triggers.
Home Office & Equipment Deductions: We guide you through the Section 179 expensing rules to immediately write off up to $2.5 million in new equipment, technology, and qualified home office improvements.
Quarterly Estimated Tax Support: We calculate and schedule your Form 1040-ES payments throughout the year to help you avoid underpayment penalties and manage your business cash flow.
Retirement & Health Savings Planning: We help you set up and maximize contributions to SEP-IRAs or Solo 401(k)s, allowing you to save for the future while significantly reducing your current year's tax bill.
Key IRS Changes for 2025 Filing Season
The latest legislative updates have introduced significant new benefits specifically for the self-employed:
No Tax on Tips: Eligible tipped workers (including self-employed) can now deduct up to $25,000 in qualified tips from their taxable income for 2025.
QBI Deduction Made Permanent: The 20% Qualified Business Income deduction has been solidified, allowing you to deduct up to one-fifth of your business profit before calculating your tax bill.
100% Bonus Depreciation: Small business owners can immediately deduct the full cost of qualifying business equipment (like computers, software, and vehicles) placed in service after January 19, 2025.
Section 179 Expansion: The expense limit for business equipment has increased to $2.5 million, providing a massive upfront write-off for growing businesses.
Auto Loan Interest: You may now deduct up to $10,000 in interest paid on loans for personal passenger vehicles assembled in the U.S., which is often a major expense for gig workers.
The RelyCFO 5-Step Accuracy Process
We use a proactive, data-driven workflow to ensure you never pay more than your fair share of self-employment tax.
Expense Maximization Review
We analyze your bank records to capture every "ordinary and necessary" deduction, from advertising to home office expenses.
SE Tax Optimization
We calculate your Social Security and Medicare obligations (15.3%) and apply the 50% deduction on the employer portion to reduce your Adjusted Gross Income.
Vehicle & Mileage Audit
We help you choose between the standard mileage rate (70 cents per mile in 2025) or the actual expense method to find your largest possible deduction.
Quarterly Planning
Based on your current profit, we set your 2026 estimated payment vouchers to keep you on track with the IRS.
Audit-Ready Documentation
We guide you in maintaining separate business accounts and organized records to defend your deductions in case of an IRS inquiry.
Critical 2025 Tax Deadlines (Filing in 2026)
Staying compliant with estimated payments is essential to avoid costly IRS penalties.
January 15, 2026: Deadline for your 4th Quarter 2025 estimated tax payment.
February 2, 2026: Final day for clients to send you 1099-NEC or 1099-K forms reporting your 2025 earnings.
April 15, 2026: The primary deadline to file your 2025 tax return (Form 1040 & Schedule C) or request an extension.
April 15, 2026: Last day to make SEP-IRA or Solo 401(k) contributions to lower your 2025 taxable income.