Tax Administration Jamaica (TAJ) has been very active in informing self-employed persons and business owners about filing tax returns and paying taxes. As the tax deadline date of March 15 approaches, it’s important for these individuals to pay close attention to tax matters relevant to them.

With the stresses of running a business, entrepreneurs may sometimes neglect to follow all the tax requirements, which can be costly if they have to pay penalties and interest from late returns. It is critical for them to seek advice and update themselves on their obligations to the tax authorities.

Self-employed persons, who were formerly employed to an organisation which deducted all their taxes for them, may also be a little uncertain about all the steps required to keep them tax compliant. They, too, have a lot to lose if they fall afoul of the tax administration’s regulations.

If you are self-employed or if you earned money outside of your regular pay cheque during 2014, then you may have to submit some information to Tax Administration Jamaica and pay taxes on your earnings. Let’s take a look at some pertinent tax considerations that will apply to you. Continue reading Dealing With Your Taxes →