Self-employed? Here are some tax tips:
- Record-keeping is key. Make sure you report all income and maintain records of all business-related expenditures.
- Write it off. You can write-off all expenses primarily used for business, health insurance costs, and half of what you paid in Social Security and Medicare tax.
- Pay quarterly deadlines. Paying estimated taxes quarterly will help you avoid a penalty. Dates fall on the 15th of April, June, September, and January of the next year.
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