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away 30% of my gross, too. Don't forget you'll be paying self-employment taxes, too. To make this easier for me to do, I had two checking accounts. As soon as I got paid, I'd deposit that 30% into the second account and try not to touch it until I paid my quarterly taxes.
And, yes, you pay quarterly. The IRS will send you the estimated payment forms for each quarter after you file the first time. Suggest you make a copy of your check with the form before you mail them out.
It might be worth your while to make an appointment with a tax expert (HR Block, for instance) and get the scoop from them. They were a big help to me.
As far as deductions, save receipts for every single thing you purchase necessary for you to do your job. Save your phone bills, receipts for reference books, your electric bill, etc. You will be able to depreciate your computer, desk, chair, etc. Have a separate folder handy for these and just drop them in as soon as you spend any money on your business. When you get your taxes done, bring your property tax bill and measurements for your entire home and office.
Block gave me handouts with all this stuff on it. An appointment with an expert will really be of help.
As long as you stash away that money faithfully and keep track of receipts and expenses, you'll find IC is not difficult at all. It's all about being organized and keeping everything in its place.
Good luck to you!
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When I was an IC, I was advised to stash sm - Digits
