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| View Poll Results: How is your business set up? | |||
| Individual / Sole Proprietor |
   
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11 | 36.67% |
| Corporation |
  
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11 | 36.67% |
| Partnership |
  
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2 | 6.67% |
| LLC |
  
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2 | 6.67% |
NA - I don't file taxes 
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4 | 13.33% |
| Voters: 30. You may not vote on this poll | |||
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2005-01-18, 10:43 AM
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#12 |
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The Original Greenguy (Est'd 1996) & AVN HOF Member - I Crop Pics For Thumbs In My Sleep
Join Date: Feb 2003
Location: Blasdell, NY (shithole suburb south of Buffalo)
Posts: 41,929
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GenXer - have you been putting any money aside for taxes for 2004? If not, it's a good idea to put away a % of the money you get in that is not taxed (like checks from sponsors) so that when tax time rolls around, you have money to pay what you owe. I did this before I became an S-Corp & usually, I had more money than I owed to them, so that was a refund of sorts
As far as quarterly taxes, I think you have to pay in at least 90% of the taxes that you paid the previous year, so if you pay $1000 in taxes for 2004, they will want to see at least $900 from you for 2005 (or $225 each quarter) Of course, I am not an accountant & you really should talk to one instead of taking my advice |
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