Piece of advice...EVERY check put aside at least 20% - and make those quarterly payments. Posted: Dec 30th, 2017 - 5:57 am In Reply to: Lots of us have been working on outsourced - sm
You don't have to be "right" about what you wind up owing for the year, but you are required to make some payment toward those taxes every quarter, and for your own sake you would be better off paying a bit more than you might owe so you get a refund instead of owing a chunk at tax time.
I've found that 20% of my gross income is very close to the mark, but I have no kids and few other deductions aside from business expenses (office, equipment, etc.) Your tax person might suggest a different percentage based on your situation...but whatever it is, MAKE THOSE PAYMENTS.
You'll sleep better, too!
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