Article in Summary
- Small business owners are responsible for 15.3% of self-employment tax
- The IRS requires the self-employed to make estimated payments
- Pre-tax retirement contributions will reduce taxable income
In my last article advising small business owners I discussed how to run a small business from a managerial standpoint. While those issues are imperative for success for the business, there is another aspect to becoming a successful small business owner: managing taxation! If a small business owner owns a flourishing business but bobbles personal taxes or business taxes, the business will ultimately suffer and probably die.
Self –Employment Tax
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