Quote:
Originally Posted by venus
if your using most of your income to pay taxes then you have some serious problems, find a good accountant to do your taxes and set you up with quarterly payments.
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Actually it was like that for me when I first started.
When I first quit my day job to do this full time, I was barely making enough to get by, much less save for taxes....but I knew the only way I could grow the business was to work at it full time.
So when tax time came and I hired a CPA, I owed the govt $9K and only had about 2K, and that was just for the year before. That didn't count the first quarter of the year I was in.
I got all caught up and then some over time. It was the price I had to pay to grow my business....although it did feel weird when my income had doubled but I still had no money left over at the end of the month because I owed so much in taxes....but by the end of the 2nd year I was way ahead of the game and able to enjoy some of my newfound monies.
