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    Home»Events»Tax time means pressure on independent planners. Here are some suggestions.
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    Tax time means pressure on independent planners. Here are some suggestions.

    Comic VibeBy Comic VibeApril 11, 2025No Comments4 Mins Read
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    For independent planners, tax seasons can be a period of stress, chaos and unexpected spending. Being a self-employed person provides independence, but it also brings a range of challenges of its own – tracking expenses, maintaining cash flow, avoiding liability and planning ahead so there is no penalty when paying taxes.

    Steve Hoffman, known as the “Tax Translator”, was a former IRS agent who specialized in tax advice for universities for 15 years, and he provided some answers to independent planners at this time of the year.

    SKIFT Conference: What is the biggest challenge for independent planners when it comes to taxation?

    Withheld. A typical employee receives half of the Social Security Tax paid by his company. The Social Security tax rate is 12.4%; employers pay 6.2% and employees pay 6.2%. However, self-employed planners must pay the entire 12.4% fee and pay the full 2.9% Medicare tax.

    Therefore, self-employed independent planners must pay Uncle Sam 15.3% of their net income. They then also have to pay federal income tax on their net income.

    What common mistakes do self-employed people make in terms of taxation?

    One big thing is mileage. The current business mileage rate for using your personal car in 2025 is 70 cents per mile. So if you travel 300 miles aggregate an activity, it is a reimbursable fee of $21. Add up in the year.

    I put a small book in my car recording every business trip, starting and ending miles and people I met. If you have been reviewed, you cannot re-acquire this information and can also be reviewed by the IRS for a fee of up to three years ago.

    The other is to keep the receipt. If you buy a computer for $1,000 and have been reviewed and cannot generate a receipt, the IRS will delete your taxes. This will increase your net income, so you will owe income tax. It can be said that if your 2022 tax is under review, you will owe it interest on its unpaid income tax tax until 2022.

    What happens if the planner does not propose an estimated tax?

    The IRS doesn’t want to wait until you submit your taxes by April 15 of the following year, so they filed a quarterly estimated payment. (The 2025 deadlines are January 15, April 15, June 15 and September 15.)

    However, many planners find themselves at a more pressing fee and they are not filing quarterly estimated taxes. The best way is to pay, if not in full, as the IRS charges you interest on unpaid taxes, which will continue to increase.

    What if you can’t include tax rates in your taxes before April 15?

    You can submit an extension. But remember that the extension is only the time to submit, not the extension of payment time. If you think you will be owed taxes when filing a federal tax return, you should pay by April 15. You can make payments when submitting an extension. If you have a balance when submitting your return, you will receive an IRS fine.

    For independent planners, is it important to set yourself as LLC?

    I recommend keeping your personal assets safe from any liability that may arise from litigation. If attendees travel on ropes on the floor, they will include planners in the lawsuit. The merger will protect your personal assets, such as your home, car and bank account from litigation. I recommend a merger as a limited liability company (S-CORP) rather than a general corporate organization (C Corp). S Corp.

    Should independent planners meet with their accountants multiple times a year?

    I recommend meeting them around July 1st every year. This will update you any tax law changes that may benefit you, and you can let the accountant know what you are doing, which may affect your taxes (marriage, divorce, new kids, you purchased a house, etc.). Taxation is more than just an annual event.

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