Today TaxMama hears from Linc in Texas who needs a headache cure. “I recently started working for a company that pays me with a check every week. They do not withhold any taxes from it.
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How should I go about paying taxes? Quarterly or at the end of the year? I tried to read the IRS site, but I just got a headache!”
Dear Linc,
If that’s giving you a headache…well, it’s not surprising.
Read this article and see if it helps:
Estimated Payments Hate Them? But Pay them!
https://www.taxmama.com/Articles/es.html
If not, since this is your first year, go visit a good local tax professional firm and have them tell you how much to pay each quarter.
And how much to save to pay in April – just in case you’re able to make lower estimated payments this first year, based on last year’s income.
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Also, spend about an hour with them getting advice on how to handle your business. You DO realize that you’re now in business if you’re getting paid
that way, right?
I’m not suggesting you read my book – unless you understand the article.
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Some people are better with verbal, personal guidance than with reading instructions.
(Like me. I love reading. I love reading books. I love writing books, even about taxes. I hate to read instructions.)
It’s OK. Just… know your strengths – and recognize your weaknesses.
Remember, you’ll find answers to questions about estimated payments and all kinds of tax issues, free. Where? Where else? At TaxMama.com
[Note: If you were subscribed to the e-mailed TaxQuips, you’d get special tips that aren’t published anywhere else. Please click on the subscribe link and join us.https://lightsailed.com/homeschool/wp-content/languages/new/do-my-homework-app.html
]
- Ask TaxMama :: Where taxes are fun and answers are free
- TaxMama Article :: Estimated Payments Hate Them? But Pay them!
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