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    klspencer05
    Sep 30, 2021

    Tax Planning for Business Owners

    in 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!

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