What Percent Do You Save For Taxes And Other Questions

[melilley]

For those of you who save money to pay taxes, what percentage do you save per week, month, or however you save? Also, if my husband pays taxes from his job how do they determine if he pays enough out to cover me. Is that even how it works? I don't have to do taxes until next year, I just opened, but I would like to get ahead of the game. This tax stuff is so confusing! Also, do you have any tips for tax time? I do have MMK so I'm keeping track of some things on there.
Thanks

[SilverSabre25]

tips: MMK, good record keeping, and some/most/all of Tom Copeland's stuff from Red Leaf Press.

[mema]

I have my dh take extra out of each pay check to cover my tax portion so that I don't have to worry about it. I started with one amount my first year based on what I thought I would make profit wise and then the following year adjusted it after taxes were done.

[TomCopeland]

Estimated taxes

For those of you who save money to pay taxes, what percentage do you save per week, month, or however you save? Also, if my husband pays taxes from his job how do they determine if he pays enough out to cover me. Is that even how it works? I don't have to do taxes until next year, I just opened, but I would like to get ahead of the game. This tax stuff is so confusing! Also, do you have any tips for tax time? I do have MMK so I'm keeping track of some things on there.
Thanks

A rough rule of thumb is that you will owe 20% of your gross income in federal taxes (Social Security and income tax). You can either have this amount withheld through your spouse's paycheck or you can file quarterly Form 1040ES. See my article: http://www.tomcopelandblog.com/2013/...ted-taxes.html

Here are the three most important rules to follow when doing your taxes: save all receipts for anything associated with your home, track all meals and snacks served and keep records of how many hours you worked in your home. See article:http://www.tomcopelandblog.com/2010/...providers.html

Join me for a webinar “2012 Tax Changes: How to Avoid Mistakes on Your Tax Return” Tuesday, February 12th at 8:30-10:00pm Eastern Time. The cost is $25 (100% tax deductible!). To register: http://events.r20.constantcontact.co...&llr=yatrx4cab

[melilley]

Thanks Everyone!