ADVERTISEMENT

Taxing Matters Comments

  • By Claire Poole
  • September 01, 2009

bookkeeping

Accountants keep running lists of ways to audit-proof tax returns, and you should, too. For starters, avoid using any round numbers on your return. For example, if you report that you earned $45,000, instead of $47,890.26, it sends a red flag to the government that you're not keeping good records. If you manage your own tax return (or simply want to know more about tax returns), we recommend Audit-Proof Your Tax Return.

If you're self-employed, don't forget to pay your taxes quarterly -- or you're going to get penalized. The general rule of thumb is 1% per month for the portion you're late. The Internal Revenue Service says you generally have to make estimated tax payments if you expect to owe taxes, including (!) the self-employment tax, of $1,000 or more when you file your return. Get educated -- and don't let late fees cut into your hard-earned income. Read more about 'Filing Requirements for Self-Employed Individuals' on the IRS website.

More Goodies

The Meet our Members page is live. We've got a dozen banners to start, and look forward to getting more. Did we miss your submission? Please contact us! Send your banner to contact@dailyworth.com

Thanks to LolaLina.com for the blog love. DailyWorth is lucky to have so many artistic members -- it makes for beautiful reviews.

Tagged in: Taxes
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

© Copyright DailyWorth 2014