TAXES ARE DIFFERENT IF YOU'RE SELF-EMPLOYED

Though the tax season is over, some people must continue to pay taxes year-round: the self-employed. If you are in this situation, you can save yourself time and money with these four tips:

Educate yourself on the self-employment tax. The surest way to save on your bill at year's end is to fully understand the tax laws. The best resource is the Internal Revenue's Web site, IRS.gov.

Consider computerizing your record-keeping. Record-keeping is essential for accurately estimating your quarterly payments and for filing your end-of-the-year tax return. Two popular programs are Microsoft Money Plus and Intuit Quicken Home and Business 2008.

Make your estimated payments on time. The self-employed have no income withheld from their paychecks. They must estimate their income, minus deductions, and pay tax on these estimates four times a year. Pay on time to avoid late penalties.

Establish a retirement plan. Contributions to certain kinds of plans can be deducted from your tax bill. Consider a Keogh plan if your business has employees. You can refer to IRS Pub 560 for more information on retirement plans for the self-employed.

TAXES ARE DIFFERENT IF YOU'RE SELF-EMPLOYED