Importance of a Sole Trader Tax Return. Filing a sole trader tax return is a primary obligation for all proprietors. Business owners must understand the tax return process and also take advantage of the benefits of filing tax returns. Sole Trader Tax Rates for the 2024-25 Financial Year. As a self-employed individual, generally you are required to file an annual income tax return and pay estimated taxes quarterly. Self-employed individuals generally must pay self-employment (SE) tax as well as income tax. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves.
If you think you may owe more than $1,000 on your personal tax return, you may need to file estimated tax payments with the IRS. The $1,000 threshold is based on all the taxes on Form 1040, not just the taxes related to Schedule C income. The amount you owe is calculated as all taxes reported on Form 1040, less any taxes withheld.. OTHER TAX RETURN SERVICES : Company Tax Return: From: $800: Trust Tax Return: From: $800: Partnership Tax Return: From: $520: Sole Trader Tax Return: From: $275: Financials for Sole Trader: From: $375: BAS Returns (price depends on complexity) From: $125: Electronic Lodgment of Activity Statement: $80: ASIC SERVICES: Annual ASIC Reporting.