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Lyn Dippel
How to Manage Living Self-Employment Income

Many of us have unpredictable or inconsistent incomes. Unfortunately, the bills come whether we have been paid yet or not. If we have not planned carefully, when a big expense occurs we may get caught short. And two other pitfalls may trip us up if we are self-employed. First, there is typically no tax or FICA withholding on self-employment income, so often a portion of the money we have in hand is not technically ours. If we aren’t careful we can get caught shorthanded come tax time and end up owing penalties on top of the tax bill. 

The State of Maryland Loses Double Taxation Case in the U.S. Supreme Court
The State of Maryland Loses Double Taxation Case in the U.S. Supreme Court

On May 18, the Supreme Court of the U.S. determined, in Comptroller of the Treasury of Maryland versus Wynne, that the State of Maryland can no longer “double” tax residents that work outside of Maryland. Hope explained to Early that she lives in Columbia, Maryland and her business is located in Virginia, but she is paying state tax to Maryland and Virginia.

Advantages of Defined Benefit Plans for Small Business Owners
Advantages of Defined Benefit Plans for Small Business Owners

If you are a sole proprietor or small business owner with only a few employees, you may be missing out on a great opportunity to achieve two important goals: mitigating your income tax liability and increasing your retirement savings.