There are several reasons why the tax “offseason,” can be just as busy and profitable as Tax Season. There are an ever-increasing number of people with complex tax debt. In addition, approximately 50% of our workforce is self-employed (not by choice). The bigger the problems, the more likely folks are going to procrastinate. Their procrastination is “Offseason,” work for you!
Working as a tax preparer affords you a great deal of flexibility. It can be a seasonal job for semi-retired people. Tax preparation businesses regularly hire senior citizens. The physically disabled can also find a home in the tax preparation business due to the flexibility. Read this article to see if becoming a tax preparer is right for you and the lifestyle you crave.
When a taxpayer is self-employed they are often required to send in quarterly estimated tax payments to the IRS. The situation can become ambiguous and muddled when, as with most businesses, income vacillates from month to month or year to year. It can be difficult at the point to determine estimated tax payment amounts that will keep you out of the penalty zone. If you send to much your routine expenses will be a struggle now, but if you send too little you are going to be subjected to the estimated tax penalty on top of an already hefty tax bill. Let’s look at some of the best methods in avoiding self-employment tax penalties.