Taxes - Sorry for the dupe
peter at bowenfamily.org
Wed Feb 9 09:33:47 MST 2005
LOL - gotta love the old and new list addresses in a reply all - sorry
for the dupe.
Peter Bowen wrote:
> Sasha - First let me say - RIGHT ON! Owning your own business will
> either be the best thing you ever do or the worst, and planning makes
> all the difference in the world. I use Turbo Tax for the operating
> system that cannot be named, but Intuit has a web quicken as well.
> The prior points about keeping good records, and keeping two accounts
> are good - however the only reason to do an LLC/S-Corp is for
> liability protection - and you will pay for the privelige in
> additional bank accounts, filing fees, paperwork, etc. For a simple
> consulting situation, a sole propriter will be easiest. Use cash
> based accounting and it's a breeze. Basically, you're going to report
> cash in as income and cash out as expenses. This is exactly the way
> that your W2s work. A simple accounting program should be sufficient
> and you'll be able to spend time making money instead of account
> BTW - Turbo tax will handle a sole propriter just fine, and in many
> cases being an LLC will not shield you since anyone who will loan
> money, lease space, etc. will ask you to personally guarantee your
> Oh - Finally, I've had good experience with Hawkins, Cloward &
> Simister in Orem.
> Good Luck,
> Sasha Pachev wrote:
>> Hello, everybody,
>> This is going to be less OT than some of the threads have been. If
>> you are a Linux hacker, you might have a consulting business. And if
>> so, figuring out how you pay your taxes is a part of it. So this is
>> somewhat on topic :-)
>> As some of you may have noticed or heard, I am now a full-time
>> independent consultant for the first time. Things are going well so
>> far, except I need to figure out how I am paying taxes to make sure
>> IRS does not hit me with a fine, and also to make sure I do not pay
>> more than I have to.
>> Does anybody know of a calculator that will tell me based on my
>> expected annual income, family size and estimated deductions how much
>> tax I owe per quarter for both state and federal taxes? I have found
>> one on Intuit site that kind of does it, but it does not do
>> deductions/child tax credit/etc, nor does it do state taxes. (And to
>> keep this on topic, it has to be Linux-compatible).
>> If I did fine without a CPA when most of my income came from a W-2
>> type job, do I need one now?
>> Any other tips?
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