Do you pay quarterly taxes? - GoFuckYourself.com

NetHorse · 04-15-2009, 05:32 AM

Taxes for 2008 are going to put me in a large hole this year. I owe them $6,900 NOW, that's not including state tax.

What do you guys do when it comes to paying your taxes? Do you report quarterly income? Are there any tricks / tips you got for me?

BTW, I'm single, no children and I deducted as much as possible. (Computer, internet connection, office equipment, part of my rent, etc).

SBJ · 04-15-2009, 05:34 AM

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

Barefootsies · 04-15-2009, 06:03 AM

Yes I do. I have since 2nd year of being self employed.

I can't say that I like it at all. Just one more hassle.

Barefootsies · 04-15-2009, 06:05 AM

Quote:

Originally Posted by NetHorse

BTW, I'm single, no children and I deducted as much as possible. (Computer, internet connection, office equipment, part of my rent, etc).

I am in the same board.

Tip. Buy house (i.e. interest).

fallenmuffin · 04-15-2009, 06:32 AM

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.

Barefootsies · 04-15-2009, 06:34 AM

Quote:

Originally Posted by fallenmuffin

Go see a local accountant not H&R Block or some other bullshit

NetHorse · 04-15-2009, 06:43 AM

Quote:

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.

Quote:

Originally Posted by Barefootsies

I can't say that I like it at all. Just one more hassle.

Who would..

Quote:

Originally Posted by Barefootsies

I am in the same board.

Tip. Buy house (i.e. interest).

Yes, I'd love to buy a house it's just out of reach at the moment.

Quote:

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.

Sosa · 04-15-2009, 06:52 AM

Yep I do.

Juicy D. Links · 04-15-2009, 06:54 AM

i pay every 4 years

LiveDose · 04-15-2009, 06:59 AM

Quote:

Originally Posted by NetHorse

...although it's another added expense.

A business expense,,,

Juicy D. Links · 04-15-2009, 07:04 AM

Quote:

Originally Posted by NetHorse

Working with an accountant does sound like a great idea, although it's another added expense.

ummm your kidding right? (Burpppppp)

Get a jewish CPA to do your taxes, i bet you anything you are and have already overpaid for years

selena · 04-15-2009, 07:08 AM

I do, and while it sucks balls at the time, it beats having a freak out at the end of the year.

NetHorse · 04-15-2009, 07:14 AM

Quote:

Originally Posted by Juicy D. Links

i pay every 4 years

What do you do, wait until the IRS comes after you then get a IRS debt relief lawyer?

Quote:

Originally Posted by LiveDose

A business expense,,,

True.

Quote:

Originally Posted by Juicy D. Links

ummm your kidding right? (Burpppppp)

Get a jewish CPA to do your taxes, i bet you anything you are and have already overpaid for years

LOL! I will have to look into it.

Quote:

Originally Posted by selena

it beats having a freak out at the end of the year.

fallenmuffin · 04-15-2009, 07:56 AM

Also, I setup a separate savings account which I automatically transfer $400 bi-weekly into. I have that savings account linked to my EFTPS account [ https://www.eftps.gov/eftps/ ], EFTPS lets you pay your quarterly taxes online and keep the interest my tax payment earned doing the quarter.

Of course then you gotta pay taxes on the interest lol.

Kiwigirl · 04-15-2009, 09:23 AM

Just got done paying quarterly.....it's a pain in the ass but I actually put money aside every time money comes in so that I am never horrified when it comes to paying.
Such as life.

baddog · 04-15-2009, 09:25 AM

1. S-corp
2. Pay yourself shit
3. Pay quarterly
4. Relax come tax time.

04-15-2009, 05:32 AM	#1
NetHorse Confirmed User Industry Role: Join Date: Dec 2006 Location: Chicago Posts: 3,526	Do you pay quarterly taxes? Taxes for 2008 are going to put me in a large hole this year. I owe them $6,900 NOW, that's not including state tax. What do you guys do when it comes to paying your taxes? Do you report quarterly income? Are there any tricks / tips you got for me? BTW, I'm single, no children and I deducted as much as possible. (Computer, internet connection, office equipment, part of my rent, etc). __________________ ┌∩┐(◣_◢)┌∩┐ ICQ # 427013273

04-15-2009, 05:34 AM	#2
SBJ So Fucking Fabulous Industry Role: Join Date: Apr 2003 Location: Indiana Posts: 11,374	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 __________________ Chaturbate - Make tons of money from Cams! *Name Silo - Domains under $9 and free ID protect*

04-15-2009, 06:03 AM	#3
Barefootsies Choice is an Illusion Industry Role: Join Date: Feb 2005 Location: Land of Obama Posts: 42,635	Yes I do. I have since 2nd year of being self employed. I can't say that I like it at all. Just one more hassle. __________________ Should You Email Your Members? Link1 \| Link2 \| Link3 Enough Said. "Would you rather live like a king for a year or like a prince forever?"

04-15-2009, 07:08 AM	#12
selena Confirmed User Join Date: Aug 2004 Location: On The Edge Posts: 7,992	I do, and while it sucks balls at the time, it beats having a freak out at the end of the year. __________________ ~ Doer of Things at MetArtMoney Where Flawless Beauty Meets Art ~The MetArt Network ~ selena.delgado9

04-15-2009, 09:23 AM	#15
Kiwigirl Confirmed User Industry Role: Join Date: Mar 2005 Location: Florida Posts: 2,556	Just got done paying quarterly.....it's a pain in the ass but I actually put money aside every time money comes in so that I am never horrified when it comes to paying. Such as life. __________________ KIWISOURCING OUTSOURCING WITH A TWIST!

04-15-2009, 06:32 AM	#5
fallenmuffin Confirmed User Industry Role: Join Date: Nov 2005 Posts: 8,170	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.

04-15-2009, 06:52 AM	#8
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	Yep I do.

04-15-2009, 06:54 AM	#9
Juicy D. Links So Fucking Banned Industry Role: Join Date: Apr 2001 Location: N.Y. -Long Island -- Posts: 122,992	i pay every 4 years

04-15-2009, 07:56 AM	#14
fallenmuffin Confirmed User Industry Role: Join Date: Nov 2005 Posts: 8,170	Also, I setup a separate savings account which I automatically transfer $400 bi-weekly into. I have that savings account linked to my EFTPS account [ https://www.eftps.gov/eftps/ ], EFTPS lets you pay your quarterly taxes online and keep the interest my tax payment earned doing the quarter. Of course then you gotta pay taxes on the interest lol.

04-15-2009, 09:25 AM	#16
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,089	1. S-corp 2. Pay yourself shit 3. Pay quarterly 4. Relax come tax time.