I e-filed yesterday...I had a nice "refund", but seeing how I still owe from a year or two ago, my refund will merely be applied to my outstanding balance...
i think if you didn't file, you don't get that tax kickback check that's supposed to go out in may. if you file late, they send them out in december. just file for an extension, late heads.
Haha, I'm self-employed and I never got around to doing my quarterly payments. Just wrote out checks for about $18k and that's after a raft of deductions. I knew it was coming but it was still painful.
note to sef: 1. file earlier 2. start a tax savings account 3. do not rely on write-offs.
Yup. Paid out $2700 a couple weeks back...
BUT, #2 saved me. I started an ING account strictly for next year's taxes after burning myself in the past. I had $2600 in the account, and only had to throw in $100 from the bank.
Seriously, if you're looking at any 1099 forms, do yourself a favor and start a separate tax savings account.
note to sef: 1. file earlier 2. start a tax savings account 3. do not rely on write-offs.
Yup. Paid out $2700 a couple weeks back...
BUT, #2 saved me. I started an ING account strictly for next year's taxes after burning myself in the past. I had $2600 in the account, and only had to throw in $100 from the bank.
Seriously, if you're looking at any 1099 forms, do yourself a favor and start a separate tax savings account.
That is exactly why I still haven't filed yet. I too owe them from last year.
after having just settled with IRS over non payment of taxes, do yourself a favor and save yourself interest applied to your balance. after battling for six months, and getting a reduction, i still owed a shit-ton in interest
don't procrastinate like me, i am a jerk-off for letting it get that way.
Seriously, if you're looking at any 1099 forms, do yourself a favor and start a separate tax savings account.
Are you talking about something like a money market or similar account that earns some interest on its own? I use a money market, but I just paid $2100 to Uncle Sam straight out the checking account. I guess it's all the same money really.
I think he was just advising to put that money aside because some folks (myself included) will use it for other things.
And I suppose it's good to get that interest as well although it won't be a lot of $$ unless you're like JoeMojo paying $18k.
I feel your pain, the wife and I got hit with having to pay $13K last year, this year will be alot less as i am now NOT depositing every greenback i get overseas, knowwhatimean... in the meantime, Johnny I recommend opening an ING account and dropping a little cash in every month - the interest rate is outstanding (higher than many long term CD's) there is no withdrawal penalty and the fact that it is online makes it tougher to get the money - which is good if your prone to kneejerk equipment and record purchases like me.
I think he was just advising to put that money aside because some folks (myself included) will use it for other things.
And I suppose it's good to get that interest as well although it won't be a lot of $$ unless you're like JoeMojo paying $18k.
Gotcha. You can make some worthwhile interest just having a bit of money sitting around though. Don't save money in a checking account, it's a waste of your money. I made over $400 last year just by having a little bit of money sitting in an account. Obviously I'm not gonna retire off kinda interest, but I can buy a killer record with it.
I'm sure I don't need to tell you this, but I'm not sure everyone realizes how easy it is.
Yeah, for the reasons above, I recomended the ING route. High interest rate and somewhat out of reach being the top two. The middling interest I earned on the $3000 or so that I had in there is minor. BUT, knowing the money is there and not available via ATM is huge. Have I spent some of records in the past?? Absolutely!
But, not being able to access without a three-day transfer period is great. Keeps the discretionary spending to a minimum.
Gotcha. You can make some worthwhile interest just having a bit of money sitting around though. Don't save money in a checking account, it's a waste of your money. I made over $400 last year just by having a little bit of money sitting in an account. Obviously I'm not gonna retire off kinda interest, but I can buy a killer record with it.
I'm sure I don't need to tell you this, but I'm not sure everyone realizes how easy it is.
^^^ Truth
Here is a site that breaks down a few of the big name high yield Savings Accounts:
And I suppose it's good to get that interest as well although it won't be a lot of $$ unless you're like JoeMojo paying $18k.
Yeah, I guess one advantage of being self-employed is that you can earn some interest or invest with your tax money before you pay the bill. But it's kind of painful to hand it all over as a chunk instead of through biweekly withholdings (aka death of a thousand papercuts).
Comments
Yup. Paid out $2700 a couple weeks back...
BUT, #2 saved me. I started an ING account strictly for next year's taxes after burning myself in the past. I had $2600 in the account, and only had to throw in $100 from the bank.
Seriously, if you're looking at any 1099 forms, do yourself a favor and start a separate tax savings account.
SERIOUSLY! I only lost about $600.00
after having just settled with IRS over non payment of taxes, do yourself a favor and save yourself interest applied to your balance. after battling for six months, and getting a reduction, i still owed a shit-ton in interest
don't procrastinate like me, i am a jerk-off for letting it get that way.
AND that extra rebate check too
Are you talking about something like a money market or similar account that earns some interest on its own? I use a money market, but I just paid $2100 to Uncle Sam straight out the checking account. I guess it's all the same money really.
And I suppose it's good to get that interest as well although it won't be a lot of $$ unless you're like JoeMojo paying $18k.
But we're getting $800 back from the IRS for the economic stimulus act (?)
That will be a fun shopping spree at Woodbury Commons.
I feel your pain, the wife and I got hit with having to pay $13K last year, this year will be alot less as i am now NOT depositing every greenback i get overseas, knowwhatimean...
in the meantime, Johnny I recommend opening an ING account and dropping a little cash in every month - the interest rate is outstanding (higher than many long term CD's) there is no withdrawal penalty and the fact that it is online makes it tougher to get the money - which is good if your prone to kneejerk equipment and record purchases like me.
Gotcha. You can make some worthwhile interest just having a bit of money sitting around though. Don't save money in a checking account, it's a waste of your money. I made over $400 last year just by having a little bit of money sitting in an account. Obviously I'm not gonna retire off kinda interest, but I can buy a killer record with it.
I'm sure I don't need to tell you this, but I'm not sure everyone realizes how easy it is.
But, not being able to access without a three-day transfer period is great. Keeps the discretionary spending to a minimum.
^^^ Truth
Here is a site that breaks down a few of the big name high yield Savings Accounts:
http://www.getrichslowly.org/blog/2007/03/21/which-online-high-yield-savings-account-is-best/
Easy way to get that 3% if you're not into gaming the market, especially with the volatility right now.
You can always go with your bank's CDs, too, if you're lazy, but their rates are usually a bit lower.
Yeah, I guess one advantage of being self-employed is that you can earn some interest or invest with your tax money before you pay the bill. But it's kind of painful to hand it all over as a chunk instead of through biweekly withholdings (aka death of a thousand papercuts).
hahahaha, don't just limit yourself to the outlets!