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That new employee may be a blessing that will help you reach new heights of productivity and profitability, but when it comes time to prepare your new payroll you will find headaches and expenses galore that just might have you wondering what you have gotten yourself into. Learn your obligations concerning your employee’s payroll tax and avoid costly mistakes or, worse, running afoul of the [...] Don’t let the self-employment tax take you by surprise! Understand what self-employment tax is and how to plan for it in order to save yourself money come April [...] The boring, white bread retirement plan isn’t just for the hoi polloi, entrepreneurs, business people, and other high achievers absolutely cannot afford to overlook its virtues; which go far beyond just tax [...] Save taxes on health insurance, foreign bank accounts, give workers a 1099 to protect yourself from the IRS, and other news for [...] Take a look at the highlighted categories below and, if one applies to you, read on and see if you can save some money on taxes this year. If it doesn’t apply to you then close this window and get back to doing something productive. I only included categories that I thought would be most applicable to the entrepreneur and independent contractor and I picked out the juicy stuff, the credits and deductions that might save you the most [...] |
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