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!