Taxes For Self Employed Persons

Dated: February 2 2016

Views: 222

What to do: 

Pay quarterly!

Find a professional, experienced CPA to help you find all of your eligible tax deductions

Be legitimate

PAY QUARTERLY: By anticipating what you owe based on your quarterly income, you set yourself up for success.

LEVERAGE A PROFESSIONAL: Just as you go to see an expert in medicine, law, real estate, etc, make sure you use a professional to get your taxes done

LEGITIMATELY: Don't lie about your income or overdo your write-offs. Audits HAPPEN!

What NOT to do:

Expect a big closing to take care of your tax bill next year.

Do your taxes yourself

Lie about your income or expenses

EXPECT: Expect yourself to not have any money when taxes are due. Pay them in advance (quarterly) and expect Murphy's Law!

AS SEEN ABOVE: You are not a tax professional, you can't sell your own house FSBO, you can't diagnose your medical condition (think WebMD), and you can't represent yourself well in court...

AUDITS: You can and will get audited if your taxes are not legitimate. The are people whose only jobs are to scrutinize your taxes every year and self-employed individuals get audited 5x more than others!

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