> CF wrote:
> How does everyone handle taxes when income received from consulting work?
>
We hired an accountant 10 years ago for all of our taxes and it pays
for itself 10 times over every year including the first. If you
family has more than 1 source of income (which includes a business
that ca
50% Might be a little extreme unless you make $100,000k in your other
job and are in a high tax bracket 25%-33% might be a little better.
And yes do send the money in to the IRS every 3 months. You will pay a
penalty for underpayment and for not paying quarterly. I got hit with
like $200 in penalt
.
> >
> >
> > -Original Message-
> > From: Loathe [mailto:[EMAIL PROTECTED]
> > Sent: Wednesday, February 20, 2008 1:01 PM
> > To: CF-Community
> > Subject: Re: Taxes (Fed / State)
> >
> > Was it cash and or paypal?
> >
> > Co
-Community
Subject: Re: Taxes (Fed / State)
> 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 y
-Community
> Subject: Re: Taxes (Fed / State)
>
> Was it cash and or paypal?
>
> ColdFusion wrote:
>> How does everyone handle taxes when income received from consulting work?
>>
>>
>>
>> Example:
>>
>> Project A brought in $1000.00
>
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
> 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
Well lets apply it to both (was not aware there is a difference) since it is
still classified as income.
-Original Message-
From: Loathe [mailto:[EMAIL PROTECTED]
Sent: Wednesday, February 20, 2008 1:01 PM
To: CF-Community
Subject: Re: Taxes (Fed / State)
Was it cash and or paypal
Was it cash and or paypal?
ColdFusion wrote:
> How does everyone handle taxes when income received from consulting work?
>
>
>
> Example:
>
> Project A brought in $1000.00
>
>
>
> Now set aside 33% for federal and say 10% for state (I am in the state where
> there are state taxes).
>
> S
