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.
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