Posted by: matt | February 28, 2008

the tax man cometh

First rule of business, get business. Second rule, save money for taxes.

I thought I dotted my i’s and crossed my t’s by hiring an accountant.  But, it takes more.  You really need to know enough about taxes to know when you don’t know there’s something you should be knowing.  Needless to say, self-employment tax is nothing to sneeze at.  For 2008, I’m now a man with a plan.  And, I plan to save for self-employment taxes.

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Responses

  1. I know some small business owners who pay their taxes quarterly and not all at once at the end. Kind of lessens the blow.

  2. Aah yes, I would have paid quarterly. If my accountant kept track of it, like I thought they were doing…

  3. Set aside 30-40% of all you make and you should be fine. Keep in mind you should have alot of deductions as well and you can deduct 1/2 of your SE tax on your return.

  4. Just for the record, Illinois has the lowest percentage income tax of any of the states that have income taxes. Thought you’d like to know that, since I represent those folks!

  5. No income tax here in Florida, wanna move down?


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