TaxWave helps consultants and coaches with Schedule C filing, professional deductions, quarterly payment planning, and IRS resolution when back tax balances have accumulated. We understand the business model and the deduction landscape for knowledge-based services.
Why Consulting & Professional Services Professionals Face Self-Employment Tax
Self-employment income differs from W-2 income in one critical way: no employer withholds taxes on your behalf. Every dollar earned as an independent contractor, booth renter, platform worker, or freelancer is subject to the 15.3% self-employment tax in addition to ordinary income tax — and the full obligation is due on a quarterly schedule most new self-employed workers miss the first time.
When quarterly estimates are missed or business deductions go unclaimed, IRS balances compound quickly. TaxWave helps consulting & professional services professionals stop that cycle: filing any delinquent returns, reclaiming missed deductions, and negotiating directly with the IRS for the best available resolution.
Tax Relief by Role
Consultants
Independent consultants deliver expertise to organizations on a contract basis — strategy, operations, systems, compliance, or any specialized discipline. The professional income is real, the deduction opportunities are significant, and the tax obligations are entirely the consultant's responsibility from day one.
Learn more →Marketing Consultants
Marketing consultants build and execute campaigns, strategies, and brand programs for client businesses — earning fees, retainers, and project-based income as independent contractors. The work scales well, client retainers create reliable recurring income, and the technology costs of a modern marketing practice are real and deductible.
Learn more →IT & Cybersecurity Consultants
IT consultants, network engineers, penetration testers, and cybersecurity specialists earn high hourly rates and contract fees on a 1099 basis — often across multiple clients simultaneously. The income is strong, the deduction opportunities are real, and the tax bill for a consultant billing $150–$300 per hour can be substantial without a plan.
Learn more →HR & Recruiting Consultants
Independent HR consultants and recruiting professionals earn fees from placement, HR advisory services, or retained search — income that arrives without withholding and varies based on the hiring cycle. A strong recruiting market or a large retained search can generate exceptional income; proper tax planning prevents that success from becoming an IRS problem.
Learn more →Coaches
Life coaches, business coaches, executive coaches, and other professional coaches earn income through sessions, group programs, online courses, and retreats — almost entirely without employer withholding. The coaching business model scales well through digital programs, and scaling revenue that isn't matched by scaling estimated payments creates growing IRS balances.
Learn more →Common Questions
Independent consultants, advisors, and coaches build businesses on their expertise — and the 1099 income they generate follows them year after year, often growing rapidly. Without employer withholding, every dollar of consulting profit requires proactive planning, and the tax bill for a high-earning consultant can be substantial. Because self-employment income arrives without any employer withholding, the full federal income tax and 15.3% self-employment tax obligation accumulates over the year. Without quarterly estimated payments, a single year of solid income can produce a large April bill — and without guidance, that balance compounds through penalties and interest.
Yes. TaxWave works with consulting & professional services professionals to prepare any unfiled returns, apply every legitimate deduction, and negotiate the best available IRS resolution — whether that's an installment agreement, Offer in Compromise, penalty abatement, or Currently Not Collectible status. The process starts with a free consultation.
Self-employment tax is the Social Security and Medicare tax owed by self-employed workers — replacing the payroll taxes that an employer would otherwise split with a W-2 employee. The rate is 15.3% on net self-employment earnings up to the annual Social Security wage base (set by the SSA each year), and 2.9% above that. You deduct half of SE tax as an above-the-line deduction, which reduces your income tax — but the SE tax itself is owed regardless.