Has anyone else started roughing out your self employment taxes?

Net income gets ugly if there are a bunch of low value shops.
I feel a New Years resolution coming.

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For the quarter or for the year? I send in payments throughout the year. I'll send in another one in January, then file an extension so I don't have to file until October next year. This way I can work on all of that stuff for my other business during the summer when that slows down. I don't have as much mystery shopping stuff this year since I have only done a few shops since March. I probably only have a few 1099s generated this year. I won't miss having 15 1099s to deal with. Ugh.

There is the truth.
Then there is the right thing to say.

Edited 1 time(s). Last edit at 12/06/2024 11:01PM by ServiceAward.

I file and pay tax annually (calendar year).

Nope, not yet. I'll deal with it in the new year.

I hired a CPA to do my taxes, and I already have a spreadsheet logging all my earnings, reimbursement and miles that got update bi-weekly. I kind of really just need to print them out and toss them at my CPA and let them figure it out....

I keep a spreadsheet all year long for any deductions, mileage, income, etc. I keep it up monthly. I also pay quarterly taxes. I can't be going crazy with this stuff. The first year was hard trying to figure out what was what but a tax person gave me a nice spreadsheet and I just use that.

Edited 1 time(s). Last edit at 12/06/2024 07:32PM by Datagirl.

I keep track of everything as I go and then turn in my information into the CPA. He figures out what I owe and I pay the bill.

I keep a spreadsheet of shops/reimbursements, and a spreadsheet for mileage throughout the year. I have a full-time job, and a regular part-time job, so just have some extra taken out at the full-time job so I don't have to worry about quarterly taxes. It's a little bit of a guessing game, but, I'll probably end up around the same as last year for net income, so, I should be okay and not owe anything (or owe less than 10% of my total tax liability). I also got a bonus at my full-time job and they taxed the bejeezus out of that.

I prepare my own taxes and usually do it last minute. But I'm going to plan on doing the recordkeeping earlier! And also do some additional non-tax recordkeeping.

I always file an extension because some documents I need are from entities that always file extended returns. I ballpark figures to arrive at an extension payment. If it takes too much time, and I'm certain it's more than last year, then I pay the amount from last year.

Edited 2 time(s). Last edit at 12/07/2024 06:08PM by Okie.

Yes, I have started. I had a few financial changes in the last few years that have left me needing to learn much more. I ended up building a spreadsheet that has the calculations for a 1040 to help me do some of the preplanning. Most of my headache has to deal with not earning too much to fall off the ACA subsidy cliff (I know, it's not technically a cliff any more).

It's a pain but it helps me to think about finances more globally and to think about interest and capital gains, etc. It's far from my favorite thing but planning makes me feel like I'll be less likely to have a major screw up in April.

Olympia T: That is why I plan. You might be able to put some money in a self employed 401k to stay under a threshold.

@jgardn02 wrote:

Olympia T: That is why I plan. You might be able to put some money in a self employed 401k to stay under a threshold.

Thank you. Yes, I use a Roth 401k and a traditional IRA so that I can sock away as much as possible. It's a good way to plan out if it makes sense to have some losses on the books too to minimize taxes.

Earning money is just one side of the coin, the other is keeping it.

@Datagirl wrote:

I keep a spreadsheet all year long for any deductions, mileage, income, etc. I keep it up monthly. I also pay quarterly taxes. I can't be going crazy with this stuff. The first year was hard trying to figure out what was what but a tax person gave me a nice spreadsheet and I just use that.

I do the same.

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Has anyone else started roughing out your self employment taxes?

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