PAY YOUR TAXES - IT'S THAT TIME OF YEAR

[Kyung]

Hey,

Don't forget to pay your quarterly taxes.

For the new reporters out there, you are an independent contractor. Nobody is taking money out for the government, but they want their share. I personally pay quarterly. My tax person gives me vouchers that I just send in every three months.

If you say you don't have the money now, better start saving. Because if you don't have it now, they'll want it later. Just estimate an amount.

[S. Arielle]

I agree. And you're welcome

[S. Arielle]

Yes, for quarterly. I don't know for sure what you are asking me.....but that website is for payments you wish to make to the IRS, quarterly or installment or full year. And it's free. I was always using another site and they were charging me a service fee.

And you also have to pay to the state and local, but that's usually a way smaller amount, but you have to set up for that too.

You can take out in the beginning 30 % to be on the safe side, 20% to IRS and leave the rest for State and local........and then after you file and figure out if you paid too much or owe more, then you tweak the amounts you pay to everyone

[S. Arielle]

What I do is I take out 20% and put it into a savings account. 20% is good if you take it out before you pay the scopists and all the writeoffs. And then if you go on www.eftps.gov and sign up and then they will mail you a password so you can make free payments on line and then have the payments taken out of your savings account. I find that helps.

[Chris]

Due to laws, rules, over lords of gov., I highly recommend an accountant. I just wish they would remember to remind me that we owe at the end of April after the yearly pain in the ass. lol