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Re: Going independant, how do you handle your payroll deductions
Subject:Re: Going independant, how do you handle your payroll deductions From:Phil Gochenour <phil_gochenour -at- earthlink -dot- net> To:"TECHWR-L" <techwr-l -at- lists -dot- techwr-l -dot- com> Date:Wed, 14 Sep 2005 09:42:39 -0700 (GMT-07:00)
> Get a referral to a good accountant who works with individuals and
> small businesses. Pay for an hour or two of the accountant's time;
> trust me, it is the best investment you will ever make. You are going
> to need to do your own withholding, pay quarterly estimated taxes to
> the state and the Feds, etc. etc. You are also now in a whole new
> universe of tax deductions. Ask a lot of questions and then do what
> the nice accountant tells you.
I heartily agree with all the previous posts. I am "self-employed," with an accountant who specializes in "minimal tax strategy" (meaning, my entire life is deductible). He saved me a lot of hassle when it came time to make the leap into self-employment, and provided very good advice on things like whether or not to incorporate (I didn't and am simply a "sole proprietor"), how to set up my bank accounts, and how to keep track of deductible expenses (and what I could count as deductible). He also gave very good advice on things like SEP-IRAs, health insurance, how much I needed to save for taxes, etc. A good accountant is worth every penny you pay him/her, because ultimately they can bring about an increase in your real income. With a good accountant in place, you don't need to worry about a payroll service, just get the check straight from your employer and stick it in the bank.
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