Do you pay quarterly taxes?

**SBJ** · 04-15-2009, 04:34 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, 05:03 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, 05:05 AM

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, 05:32 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, 05:34 AM

Originally posted by fallenmuffin

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

**NetHorse** · 04-15-2009, 05:43 AM

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.

Originally posted by Barefootsies

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

Who would..

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.

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, 05:52 AM

Yep I do.

**Juicy D. Links** · 04-15-2009, 05:54 AM

i pay every 4 years

**LiveDose** · 04-15-2009, 05:59 AM

Originally posted by NetHorse

...although it's another added expense.

A business expense,,,

**Juicy D. Links** · 04-15-2009, 06:04 AM

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, 06:08 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, 06:14 AM

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?

Originally posted by LiveDose

A business expense,,,

True.

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.

Originally posted by selena

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

**fallenmuffin** · 04-15-2009, 06:56 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, 08:23 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, 08:25 AM

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

Do you pay quarterly taxes?

Do you pay quarterly taxes?

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