Self-Employed Taxes

[On The Mark]

I can't remember the source anymore, but I read something interesting one time. If you're self-employed, there is a special tax form you can fill out to file your taxes with that you can do quarterly. You don't have to wait until April 15. Is this true?

 

[jason]

I do quarterly taxes, which is an estimate of taxes per quarter, however it does not mean I do not have to do year end taxes. In fact my year end taxes are due March 15th not April. I have not heard of anything that exempts you from year end taxes.

 

[On The Mark]

So at years end, you go back and calculate how much the estimates were off, and then make up the difference? That makes sense. I can see wanting to highball the estimates so you can get a refund.

 

[Victor]

I know some people prefer to pay quarterly, but others like to save it all up in their accounts. That way they can earn interest on the money before they pay up when filing in the spring.

 

[jason]

I know some people prefer to pay quarterly, but others like to save it all up in their accounts. That way they can earn interest on the money before they pay up when filing in the spring.

True but if it gets over a certain amount you have to pay penalties on it.

 

[BigPapa]

Self-employed taxes will kill you too. I pay almost 30-40% of my income almost every year. When I do my year end taxes, Turbo Tax gives me an estimate based on what this years taxes are of what I should pay in quarterly.

 

[Andersson]

This is one thing I am thankful to have never had to deal with. My son-in-law does though and he always complains about it too.

Self-employed taxes will kill you too. I pay almost 30-40% of my income almost every year.

Have you checked that against what you have had to pay elsewhere? I know the taxes will fluctuate but that seems a little high compared to others I have heard about.