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Tax Revelations For Being Self Employed

This whole working for yourself thing continues to be full of surprises.  While I have consistently taken any income I have earned and put away 30% for when the tax man came to call, I was still a little saddened by the huge number my accountant came back with and having to take that money out of my bank account didn’t exactly fill me with the warm and fuzzies. Here are some highlights.

Pay Your Taxes Quarterly: Interestingly, you may be used to just having to do your taxes just once a year at your regular job, but those that pay their own way (or work as an independent contractor) must file their taxes and pay a quarterly bill. Not fun, but at least it helps lessen the ouchy feeling at the end of the year.

Tracking Expenses is Important: Being a freelance writer/markerter, I never thought there was really much to deduct on my taxes, but I have been proven wrong. Sure, you don’t want to be one of those guys that files crazy deductions and ends up getting slammed with an audit, but there are certain expenses that every small business person should pay attention to.

Filing Jointly: Being recently married,  I never really considered that our tax situation would change much after e tied the knot. It does. Be sure to talk to your accountant about how this affects your tax situation.

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