Here goes
Posted By: pj on 2006-09-16
In Reply to: this does not make sense to me as the IRS site clearly says - sm
The penalty is sometimes so minute that it is not worth worrying about doing quarterly taxes. Also, as an MTSO/IC I do close to 65K a year, pay IC's 10 to 12K. So for me my salary more or less is 50K. I do what a lot of you laugh at with pick up and deliveries, tapes, etc. But I get a lot of mileage write offs. So with everything including telephone, home office, mileage, retirement fund of 12K per year, I pay taxes on about 10K per year. So that is less than 5% of what I bring in. I have been audited by the IRS and found nothing wrong with my deductions. To me it is worth it to be an IC/MTSO as I have more usable income than employee even with the extra 7.5% SS. Again, I do the accounts everyone thinks is ridiculous, charge a decent rate and make good money.
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