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IC tax - need to file taxes on a quarterly basis? - new IC

Posted: Feb 21, 2011

I recently took my first job as an IC. My husband says I'll probably need to file taxes on a quarterly basis. A coworker who's also an IC says she's going to file at the end of the year. I will be talking to my accountant about this but thought some of you could tell me how you handle this as ICs before I go see her. Thanks!

Quarterly here. Base tax on what I made last year then keep tabs - with CPA and if I am making SM

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less than expected, he calculated how much less I should send in and if I am making more, he tells me how much more I need to send. If I am pretty much on target just send what we figured on at beginning of year. Btw, he give me preaddressed envelopes with the tax form in it and the date to send in by on the inside of the flap. I keep taxes pretty close as I dont want to loan Uncle Sam my money with no interest. I would rather have the use of it during the year. CPA and I try to figure where I have a little cushion, a little refund coming but I always apply that to the next quarters taxes so I dont have to take that out of paycheck. Easy system that works for me.

Also keep a pocket folder handy and throw in it all receipts, pay - stubs, invoices, etc. nm

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Also something I do is keep track on calendar, what - my checks are from the 2 MTSO I work SM

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for. Then I have a base to work from if I want to try to increase income. Also if I find I have overshot my projected income for a period of time, I can slack off a bit if I want. Also, if I want to save for something, I can track how I am doing on that front. Hmmm, am I a little bit obsessive? Nah, not me.

IC taxes - anon

[ In Reply To ..]
My husband makes a lot more than I do and he takes out the max allowed on his check. Our accountant files our taxes at the end of the year and I have been doing this for 11 years and I have never had to pay.

Sadly, here DH check not any bigger than mine. So I - do quarterlies. Oh well, such is life. nm

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