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Paying self-employment taxes on time means paying less

Self-employment tax is the same tax every worker pays to help fund the Social Security and Medicare programs. The difference is, entrepreneurs take on the responsibility of paying this tax themselves.

Before you started your own business, your employer deducted employment taxes from your salary and paid the I.R.S. for you. If you qualified for a refund when you calculated your taxes for the year, you received some of that money back. Now that you are your own boss, you need to send quarterly estimated tax payments to the I.R.S. on your own. This “pay as you go” method is divided up into four payments during the year that are due on April 15, June 15, September 15 and January 15. You need to pay one quarter of your self-employment tax on each one of those dates, and you will be fined underpayment penalties and interest if you don’t.

You figure out how much you owe in self-employment taxes, and then you should talk to a trusted tax advisor and review the Schedule SE. To avoid underpayment charges, you must owe less than $1,000 in taxes or to have paid at least 90% of the tax you owe when you file. Paying on time is a great way to keep more of your own hard-earned money!

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Receive our excellent guide on Launching your Business, FREE when you attend and sign up for membership. It is the first book you need when thinking about going into business. This is an eBook that will be downloadable to your phone, computer or iPad, so you can have all of the information you need at your fingertips!!

Stick To Your Mission & Goals

While it’s easy to pick up new projects as the year goes on — a video with dancing ponies may be cute and trendy, for example — always ask yourself if it aligns with, or helps further, your mission and goals. This will ensure that you don’t end up devoting your time to projects that aren’t helping to move your business forward.

Concerned you might forget your goals? Consider writing them down or printing and taping them to your computer monitor — whatever you have to do to keep them top of mind.

Pro Tip: Send yourself an email reminder or set a calendar alert for a day in March to make sure you’re sticking to the course. Sometimes interrupting your workday is the best way to jolt your memory and encourage you to take action.

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CEO of Business Birth 7 and Donna Beasley launch a successful business workshop.

NOW SHOWING!
COMING SOON!

UGeniusTV
UG Ashton Clark and
Ryan Clark with UG host
Joli Chandler.
 

MoneyNsight4Menu

Ashton and Ryan Clark present an energetic style of approaching the numerous facets of business,

finance, and ascending that oft times evasive ladder of success. learn how they started their

first business venture at the age of 10 employing a number of their neighborhood peers while

profiting hundreds of dollars weekly. Their seemingly innate entrepreneurial acumen continues

to this day with a history of fascinating endeavors and successful ventures. Smart, daring at

times, and yes, insightful.

rRyanJoliAshton
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