Taxes

Guys & Girls,

I am hoping to get some actual feedback/help here as opposed to the typical smug cafepharma response. I believe this is a topic that could help several of us too...

This is my first year as an independent/1099 and I rep 6 lines. I am hoping to get feedback on the best way to handle taxes. I have simply been documenting, categorizing and saving my receipts for convenient access. I planned to simply hire a corporate tax person and the end of the year to handle anything.

Secondly, I have not really been paying myself. Everything goes into the business for now (although I will need to pay myself soon). Do I need to pay myself before end of year?

Any feedback would be greatly appreciated.

 

Thanks, guys.

 

I would consult a CPA. Most will consult free or low charge. If you itemize cost us anywhere from 250-400.

 

Make sure you set aside about 30% of total gross income for the IRS. You have to pay a tax to the government to employ yourself in addition to standard taxes as per your income bracket, deductions,etc;