What I do
Posted By: SM on 2008-04-17
In Reply to: taxes - csalvo
A few weeks before end of 1st quarter, I met with my tax guy with my pay stubs. He figured out what I would need to send end quaterly based on what I had made. If my incomes started to go up, I would meet with him again and we would refigure. The 7.5% of employer SS that I have to pay myself (as I am now MY employer) is not a large amount. The tax deductions I take as an IC, including wht I pay the tax guy and employer portion of SS, make my tax load less than I had as employee. That includes % of mortgage, utilities, supplies, services (i.e. internet service), equipment, pay for son to help with office duties, renovation to office, anything that makes it possible for me to do my job. Btw, if you pay for your own insurance, that is a write off also. Putting money aside for quarterlies is no different than putting aside money for mortgage, car payment, etc. It is just an expense that you plan for. The flexibitiy of being my own boss is well worth the small portion of employer SS tax that I now pay.
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