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Subject:RE: 1099 work and employment taxes From:Lyn Worthen <Lyn -dot- Worthen -at- caselle -dot- com> To:"TECHWR-L" <techwr-l -at- lists -dot- raycomm -dot- com> Date:Fri, 7 Feb 2003 13:17:12 -0700
My self-employment tax strategy:
I haven't been in a position to need to file quarterly taxes, but I still
run an estimated tax return on a quarterly basis using the tax software I
used at the beginning of the year to file my previous year's tax. I realize
that the tax rules change often, so only use the figures these estimates
give me as a "ballpark" savings target. This strategy has helped me monitor
my tax status, and acted as a reminder against spending the $$ (about 35% of
the gross) that I routinely set aside to cover the year-end taxes.
So far, I've been able to give myself a small refund each year, which, since
it's been sitting in a money-market savings account, has had the benefit of
a little growth against the whole amount as well. I usually pour it back
into the business for upgrades of whatever sort is most necessary (tech,
supplies, etc.), so it turns into a business expense for the next year.
L
-----Original Message-----
From: Peter Gold
Sent: Friday, February 07, 2003 12:58 PM
...<snip>...
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