How to File Taxes When You Work for Yourself

Tax time is hectic for most Americans -- there's nothing like the government taking a close look at your finances to elevate your stress level.

This is especially true if you are one of the 21.5 million Americans who file as sole proprietors or self-employed taxpayers.

Pursuing your entrepreneurial dreams has drawbacks at tax time -- including extra forms, estimated tax payments and a higher tax rate (on top of federal and state taxes, and the normal Medicare and Social Security contributions, self-employed taxpayers get hit with an additional 7.65% tax). But sole proprietors are also eligible for a number of deductions that aren't available to regular employees.

Need a little help to wade through the red tape? Here are some guidelines: ...