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The Tax Surprise
Self-employment tax is a separate federal tax on your net earnings, on top of regular income tax. Nobody withholds it for you. If you do not plan for it, the full bill lands at filing time.
Where to Start
This site now has a full library on these issues. Start with how self-employment tax is calculated, then read the quarterly estimated tax deadlines and the recordkeeping rules the IRS expects you to follow.
Prevention
Make quarterly estimated payments. Keep records. Separate personal and business money. Talk to a tax professional before you change how your business is organized.
Self-employment gives you control. It also gives you the job of paying your own taxes.
This guide is general information about federal tax law, not legal advice for your situation. Reading it does not create an attorney-client relationship.