Tax Tips For Self-Employed Recruiters

by Beverly Aarons 18. February 2010 09:06

If you're like most, you're probably still preparing you taxes and/or will be a late filer like millions of other Americans. But unlike most wage earners, you most likely expect to owe taxes, if so, here are a few tips:

If you're going to file your taxes late don't forget to request an extension. The IRS will grant an extension of up to six months for late filers. If you file your taxes late and did not receive an extension you will be assessed a late filing penalty.
Owe money? If you owe money and do not pay it by April 15^th, you will be assessed penalties and interest. But it is much lower than the late filing penalty, so file your taxes even if you cannot afford to make any payments immediately.
Request a payment plan. If you owe less than $25,000, the IRS may be willing to offer you a repayment plan for up to 36 months.
Take advantage of your retirement deduction. If you're a self-employed recruiter don't forget to take advantage of the IRA/retirement savings deduction available. It is not too late to deposit money into a retirement savings account and right off the deduction on your 2008 taxes. If you filed for an extension of six months, you will have up until October to take the deduction.
Work with a tax professional to take full advantage of all of your business tax deductions available. Many states are filled with unlicensed and untrained tax preparers, as a business owner it is not in your best interest to trust your taxes to these individuals. If you can, work with an experienced tax accountant to file your taxes.

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Tax Tips For Self-Employed Recruiters

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