Self-employed people definitely know this, because since they are their own employers, they have to pay both halves - that's 15.3 percent, and it can be painful,Celine Bags.

If you are self-employed or the owner of a small business operating as a sole proprietorship or general partnership, you should definitely find professional help.

It is best to pay your income tax and FICA on a quarterly basis,Bottega Veneta Bags, and to save a set percentage of your gross proceeds in a special bank account in order to be prepared for when these tax burdens become due.

Tax Help Tip #2 - Consider Incorporating Your Business

If you own and operate a small business, you should definitely consider incorporating. By doing so, you create another legal entity,http://celinebagss.webs.com/, the corporation, which is responsible for its own taxes. You, the individual, only pay taxes on the salary or investment income you receive from the corporation.

Clearly, anyone choosing to incorporate needs professional help. But there is a common misconception,http://truereligiononsale.webs.com/, even among tax help professionals, that incorporating results in "double taxation."

In reality, a corporation pays taxes at a rate of just 15 percent on its first $50,000 in profits, and of course, corporate profits are not subject to the dreaded payroll tax.

Furthermore, any dividends paid to you, while taxable as corporate income (15 percent for the first $50,000) and personal income, are taxed at a maximum personal rate of 15 percent - and that's only if your personal income puts you in the highest tax bracket. Best of all, dividends are not subject to the payroll tax either,Burberry Outlet Online.

Tax Help Tip #3 - Make Sure Your Tax Professional Is On Your Side

The tax help industry - accounting, bookkeeping, lawyers specializing in tax law - is the fastest growing field of business in the United States. As more colleges expand their offerings of courses designed to train future tax professionals, the quality and character of people dispensing tax help advice is becoming more diverse.
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