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Originally Posted by Silent Bob Jedi
yes I've paid quarterly for a few years and wished I had started doing it back in 2001 cause it makes life so much easier  |
I need to start doing it, I've been ignoring it foolishly.
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Originally Posted by Barefootsies
I can't say that I like it at all. Just one more hassle.
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Who would..
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Originally Posted by Barefootsies
I am in the same board.
Tip. Buy house (i.e. interest).
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Yes, I'd love to buy a house it's just out of reach at the moment.
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Originally Posted by fallenmuffin
Yes, this is my second year paying quarterly. Though this is my four year of business. I pay $2,300/quarter roughly 10k a year. I also deduct everything I legally can. Computer, office supplies, internet/phone, cell phone, donations, rent and utilities up to a percentage based on square footage used for business.
I have little over head and really no expenses. Last year I totally re-designed my work space with a new desk and built a new computer. $3k well spent if you ask me.
Go see a local accountant not H&R Block or some other bullshit and have them set you up. I have a local woman that does my taxes and helped me setup a system (I use GnuCash for accounting) for tracking expenses ect.
Don't forget about medical expenses, they're deductible also if they are equal or greater then 7% your adjusted income. www.irs.gov will give you tons of ideas. |
Thanks for your reply. Yes, I deducted a lot of the same stuff you did. Still, it only knocked about 500 bucks off what I owe.
Since I pay for everything using my debit card it's pretty easy to track my expenses. Working with an accountant does sound like a great idea, although it's another added expense.
