Self Employment Enablement

703-218-1227

Congratulations on being Self-Employed!

There are tremendous benefits to being self-employed...

  • Earning potential is significant
  • They can enjoy a rewarding lifestyle
  • Feeling of “being your own boss”

However, being self-employed can also be challenging. There are pitfalls that can undermine your success.

  • Self-employed professionals pay more in taxes
  • They must fully fund their own retirement

Often the self-employed are not prepared for the amount of money that needs to be set aside for these. A lack of “net-pay” discipline during the year puts the self-employed professional in a cash curve hole that can take years to overcome Mistake #1: Putting off tax payments until tax time

  • Self-employed individuals are required to make estimated quarterly income tax payments
  • There are penalties for not making those payments
  • This also leads to a very large payment due in April
  • Any funds due in April not paid are subject to additional penalties and interest

Mistake #2: Waiting until the end of the year to fund retirement

  • Those who wait often times find that they don’t have much if any left over to fund retirement
  • As a result, they fall behind later in life and pay more in taxes
  • In addition, you are losing money due to compounding interest and dollar cost averaging

The NOVA Tax Group Self-Employment Enablement Program offers these benefits:

  • Low-cost, straight forward withholding program
  • Closely resembles a ‘W-2 Employee’ plan
  • Tracks the correct net pay after taxes and retirement
  • Forced discipline, as if you were a W-2 employee
  • Avoid unnecessary IRS penalties and interest
  • Ensure you are planning for retirement as necessary
  • Take full advantage of Compounding Interest and Dollar Cost averaging

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