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Self Employed Financial Tips: Planning for Retirement and Tax Time

Posted by: Lisa Nichols | Apr 02,2008

If you’re self employed, there are some things you can do to plan for retirement and tax time.

 

Self Employed Retirement Planning Tips: Getting Ready for the Future

 

When you are self employed, planning for retirement can easily fall by the wayside. Set aside some money now to ensure that you won’t be working on your business until well past the usual age for retirement. One favorite self employed retirement planning tip is to invest some money into an IRA. You can put $200 to $400 each month into a traditional or Roth IRA and by the time you retire, you’ll have a nice nest egg. Think about the type of retirement that you’d like to have and talk to an investment counselor to set up a plan that’s right for you.

 

Self Employed Taxes: Tips You Can Use to Ease the Annual Burden

 

When you are self employed, paying money towards taxes and Social Security can be a killer. Ease the burden of a big tax bill with a few easy tips:

 

1. Set aside money throughout the year to pay for your taxes and to pay for your Social Security. If no one that you contract with pays taxes on your behalf, you have to pay for your taxes out of your earnings. The more money you make, the more money you will owe in April.
2. If you are self employed and struggling to make ends meet, there are options available to help pay tax bills. The IRS offers a payment plan for people who are unable to pay their taxes in full by the tax deadline.
3. Deducting business expenses can help ease the amount of taxes owed when you are self employed. In addition to saving receipts for all business expenses, note the mileage for every driving trip to buy supplies or to meet with clients right on the store and parking garage receipts. When you’re self employed, every deduction counts!

Read credit card reviews by other self employed people to find the best one for your business needs. 

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