Taxes and the Independent Business
May 4th, 2010. By :Success-Full
Many people dream of the freedom offered by working from home, but they don’t always realize the work that must go into that endeavor before you can get your company off the ground. While there are practically innumerable tips for starting a business, one of the most commonly overseen problems is the issue of taxes. Before you start your own business, take into account that come April 15th, things are going to be a bit more complicated for you.
The biggest problems occur when it comes to withholding. When you get a standard paycheck, money is almost always withheld from social security and the federal government. But when you receive paychecks as a contractor, money is not actually withheld. Rather, you get a 1099 form at the end of the year, and you’re expected to pay self employment tax in one lump sum. This can be quite a shock for people that don’t expect this payment. So be prepared this tax season by setting aside roughly 15% of what you made. Drop it into a separate account, and you’ll be ready to cut the check to the IRS when the time comes.
Posted under : Business, Ideas, Tips
You can leave a response, or trackback from your own site.
What an excellent blog, I’ve added your feed to my RSS reader.
hi
Hi how are you i really liked this.
Thanks for the informative blog.
http://www.theosoftindia.com
Hi. Really good information on MLM Leads. I saw your nice blog while searching yahoo. For the last few days I have been attempting to discover more. Especially anything to do with the actual lead generation or companies making them. I’ve heard it all and my best friend continues advertising her recent lead system fad on me. So I am grateful I found you. Bye!
Hmm… Interesting! I always love reading the posts on this website.
I think that Dan Kennedy is the very best copywriter in the country today. I know John Carleton is very good and so was the late great Gary Halbert but pound for pound I prefer Dan Kennedy. I began using the Dan Kennedy Magnetic Marketing Toolkit some years ago and it turned out to be to be so profitable that I purchased the licensing rights to sell it to my customers and we have never looked back, it is truely fantastic for small businesses anywhere in the world.
Thank you for the great resource.
excellent blog,Interesting! I always love reading the posts on this website.http://www.luxuryyachtdubai.com