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Remember to plan for taxes

Handling taxes for the self-employed is challenging. When you were an employee, taxes were deducted before you received your paycheck. When you become self-employed, you must regularly calculate your business profits and save 35% to 40% of that for taxes.

Here is how the taxes typically add up:
Social security self-employment tax15.2%
Federal income taxusually between 15 and 25%
YWhen you do a business plan, you want to make sure that your projected profits are about 40% MORE than you need to live on. If you only look at the amount you need for daily living, you won't have enough to pay taxes.

You can find out more about taxes by going to the Government Requirements topic in the Tools for Business.