William Bowen wrote: >> So if I set aside 50% is that too much? >> > > If you can afford to set aside 50%, do it. Keep it in an interest > bearing savings account. > you'll always have a little "extra" for those odd times when the taxes > don't quite figure the way you expected. > > I used to save out 40% and never had a real problem. > > Oh and pay quarterly. Learned that lesson the *second* year I was in > business for myself. For some reason, four $1K checks to the > government, sent every three months, seems like a whole lot less money > than one $4K check. >
Also, under certain circumstances the IRS will expect you to pay quarterly and you may get penalized for attempting to pay annually. To avoid getting into a pickle, you really should seek the advice of a CPA who is familiar with the tax laws in your state. -Cameron ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;160198600;22374440;w Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:254550 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
