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Re: Taxes!
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Posted by Rick Frye on April 23, 1997 at 17:31:27:
In Reply to: Taxes! posted by Randy Talley on April 18, 1997 at 11:13:46:
The suggestion your recieved is a good one, although you might round it up to 30 percent. The IRS has a worksheet with their estimated tax forms that you can use to come up with a ballpark. The key word is "estimate". The IRS isn't concerned about how accurate your estimate is because they expect it all anyway by April 15. If your estimate payments are low, you will owe whatever is left on April 15. If they are high, you get a refund.
If you plan on keeping your own books, you should at least hire an accountant at tax time to handle your returns. As long as you keep very good records and make your quarterly estimated payments, you probably don't need the extra expense of year-round bookeeping. But it might be a good idea to meet with an accountant now to get an idea of what kind of records to keep and how he/she would like them kept.
In my opinion, taxes are the most irritating and frustrating part of being self employed because the government really socks it to the little guy. But they must be paid if you intend to abide by the law, and it's very hard to make up at the end of the year if you don't keep up with the quarterlies (I know from experience!).
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