So You’re Your Own Boss
If you are self-employed, you have to provide for yourself benefits that employers normally provide, such as retirement planning and health insurance. You should also carefully research all aspects of working from home. You’ll want to maximize your business tax deductions to offset the fringe benefits lost when you leave an employer to set up your own business, such as health insurance, pension plan, sick leave, and vacations.
Setting Up Your Own Retirement Plan
One great way to both reduce your taxes and provide an important employment benefit for yourself is to set up your own retirement plan. You can choose from the following plans:
• SIMPLE-IRA—these seem to be taking the place of SEP-IRAs for most people
• Keogh ...