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. :helpme

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).

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 :thumbsup

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.

:2 cents:

I am in the same board.

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

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.

:thumbsup

I need to start doing it, I've been ignoring it foolishly.

Who would..:1orglaugh

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

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. :Oh crap

Yep I do.

i pay every 4 years

A business 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 :2 cents:

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

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

True. :food-smil10

LOL! I will have to look into it. :thumbsup

:warning

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.

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.

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