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Cut your own taxes with Lili's Tax Optimizer

Running your own business can be taxing enough.
So make sure you pay only the taxes you owe.

Reduce your taxes and make tax filing simpler with Lili's Tax Optimizer
Schedule C, filled in for you!

If you’ve done the work all year, we’ll pre-fill your annual 1040 Schedule C form, ready to be shared with your accountant or the IRS.

Lili generates a pre-filled Schedule C form, to make filing taxes easier for self-proprietors.

Let us do the math for you with our Self-Employment Tax Calculator!

Get an instant estimate of your tax liability for 2022.

Estimated Income

$

$10,000

$300,000

Estimated Expenses

$

$0

$300,000

*Please select a state

$Taxes

$set

Self-Employment Tax (Federal)

$it

Income Tax (Federal)

$sit

State Income Tax (Ma)
With a taxable income of

$20,000


in Colorado, your total estimated tax liability for 2022 is

$3,938

Let us do the math for you with our Self-Employment Tax Calculator!

Get an instant estimate of your tax liability for 2022.

What taxes to pay if you're self-employed

Here’s the short version: as a freelancer, you pay two types of taxes – the self-employment tax and the income tax.

How much is the self-employment tax?

The self-employment tax is a flat 15.3% on your net income. It covers your contribution to Social Security (12.4%) and Medicare (2.9%). You owe self-employment tax, no matter how much money you make.

How to calculate self-employment taxes

You owe taxes on your net income at the federal and the state level (unless your state doesn’t have an income tax). The percentage depends on your net income and filing status. And, it’s progressive, meaning you don’t pay the same percentage on all of your income.

How to calculate your net income

Your net income as a freelancer is the result of your gross profit (how much money you made) minus your business expenses (how much money you spent to run your business).

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2021 Income Tax Brackets

Determine your 2021 tax rate based on your taxable income. Remember, the US tax system is progressive, so not all of your taxable income is taxed at the same rate.

 

Look up your income tax bracket and estimate the taxes you'll owe

Frequently Asked Questions

Whether you have a specific tax question or are just generally unsure about tax season, we clear up some of the confusion below.

Preparing Tax Documents
What tax documents do I need if I'm self-employed?
Do I need to collect physical copies of all of my receipts tor tax purposes?
Where can I get a Schedule C form?
Where do I get my 1099 form?
What documents do I need to bring to a CPA?
Tax Deductions
What types of business expenses are tax deductible for freelancers?
Can I deduct rent if I have a home office?
How do I deduct mileage if I used my car for business travel?
Filing Taxes
When is the filing deadline for 2021 taxes?
When is the deadline for e-filing taxes?
Can I file my taxes late?