General Discussion
Self-employment allows you to become your boss, come and go as you choose, and, of course, form a lifelong relationship with your accountant. In addition, if you're self-employed, you'll be responsible for your own FICA taxes and retirement plan, among other things. Here are some helpful planning tips.
• Know self-employment taxes and how they're calculated
• To avoid fines, pay your projected tax payments on time
• To save money on taxes, hire family members
• Establish an employer-sponsored retirement plan.
• Take maximum advantage of all business deductions.
• Health-care-related expenses can be deducted
Note: One additional dollar in deductions saves 39% of that dollar in taxes.
Feel Free to Discuss Tax Planning with us by booking a Business Consultations Today!
Business Consultation
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