

Tax Planning Never Stops: When You're a Boss
Self-employment is the opportunity to be your own boss, to come and go as you please. If you're self-employed, you'll need to pay your own Social Security and Medicare taxes and take charge of your own retirement plan, among other things. Here are some planning tips. Understand self-employment tax and how it's calculated As a starting point, make sure that you understand (and comply with) your federal tax responsibilities. The federal government uses self-employment tax to fu