ic tax

Posted By: brookeb on 2008-04-04
In Reply to: IC tax questions - Reb

I made about that much as an IC in the beginning and my accountant told me no matter what I made, it would be safe to put aside 30% for taxes. I had planned on making quarterly payments but ended up not doing so, and when my husband and I filed jointly this year, I not only owed all those taxes but was penalized for not making payments throughout the year. My husband ended up paying my taxes out of his own refund. It's hard at first but if you put that money in a savings account by itself (the 30%), you can make interest off it and be ready to pay your taxes when you're supposed to.

I hope this helps,but it really would be beneficial for you to talk to a CPA.

Complete Discussion Below:

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IC tax questions - Reb
- What we have done in the past 8 years - sm - melee
- One more question, please - Reb
- Paying Social Security is not optional. - nm
- If you don't want to mess around with paying - sm
  - This is what I do...... - NOLA
- IC tax - FLMTFL
- IC tax - ML
  - You can deduct A LOT more than just office - supplies. Has been discussed ofter here. nm
- ic tax - brookeb

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