Being your individual boss is good, but being freelance comes with particular tax burdens. Whereas those who work for somebody else are accountable for only the worker share of Medicare taxes and Social Security, those who are self-employed must pay the employer side of those taxes as well. Opportunely, there’re some techniques freelance persons can use to save money on self-employment taxes.

Following are some ways to save taxes on self-employment-
1. Make a copy of your latest tax return and evaluate your self-employment earnings and self-employment taxes. This will give you a good notion to go forward.

2. Invest in an eminence tax preparation software package. Ensure you get the premium edition of the package--the premium edition will include the forms you have to report self-employment earnings and plan your taxes.

3. Make a SEP-IRA account to save money on your taxes and place away money for a contented retirement. If you by now have an account with a mutual fund family or a brokerage firm you can use that company to open your SEP-IRA.

4. Make a HAS or health savings account, as a means to save money on taxes and keep money away to pay healthcare expenditure. In order to utilize an HSA account, you have to contribute in a high deductible health plan, or HDHP. You may ask your insurance broker to see if your independently brought health plan qualifies for an HSA. If you do meet the criteria, opening an HSA can save you a plenty on your self-employment taxes.