Taxing Matters

  • By Claire Poole
  • September 01, 2009


Accountants keep running lists of ways to audit-proof tax returns, and you should, too. For starters, avoid using any round numbers on your return. For example, if you report that you earned $45,000, instead of $47,890.26, it sends a red flag to the government that you're not keeping good records. If you manage your own tax return (or simply want to know more about tax returns), we recommend Audit-Proof Your Tax Return.

If you're self-employed, don't forget to pay your taxes quarterly -- or you're going to get penalized. The general rule of thumb is 1% per month for the portion you're late. The Internal Revenue Service says you generally have to make estimated tax payments if you expect to owe taxes, including (!) the self-employment tax, of $1,000 or more when you file your return. Get educated -- and don't let late fees cut into your hard-earned income. Read more about 'Filing Requirements for Self-Employed Individuals' on the IRS website.

More Goodies

The Meet our Members page is live. We've got a dozen banners to start, and look forward to getting more. Did we miss your submission? Please contact us! Send your banner to

Thanks to for the blog love. DailyWorth is lucky to have so many artistic members -- it makes for beautiful reviews.

Tagged in: Taxes