Do you work for yourself? Make sure you're taking advantage of all the tax breaks out there for self-employed individuals. Here are some of the big ones.

Now is the time to make your estimated tax payment

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The fourth quarter due date is now here.

December Tips....

The Social Security Administration announced that the maximum earnings subject to social security tax in 2015 will be $118,500.

The "nanny tax" limit for 2015 remains at the 2014 limit of $1,900.

If you earned $400 or more of net profit during 2013 from work as a sole proprietor or independent contractor, you may owe self-employment tax. That's true no matter what your age - even if you're receiving social security benefits.

The tax is assessed on your net earnings from self-employment, which can include income from qualified joint ventures and partnerships, as well as fees you earn working as a director for a corporation. In this context, "earnings" generally means your income after deducting expenses incurred while operating your business. If you have multiple businesses, you combine the net income and losses.