How Much To Put Aside For Taxes??

[Josiegirl]

Are any of the taxes that we pay in deductible off next year's taxes?
Oh please say yes.

[TomCopeland]

taxes

Are any of the taxes that we pay in deductible off next year's taxes?
Oh please say yes.

The state taxes you pay this year can help reduce your federal income taxes, if you itemize using Schedule A.

[Unregistered]

Taxes

Don't know about any other state but in California my wife pays every quarter. We have the daycare and my ssdi so we end up at about 80 thousand a year. Now the tax man with all the deductions gets our income down to 0, but my wife pays about 700 dollars every quarter. That is for her ssi retirement. We don't buy much for the daycare or anything else but no mater what if she has fourteen kids or four kids the taxman always gets the income down to 0, go figure we still have to pay every year. When I was working we always got a refund but sence I retired we pay taxes. So if you got a good taxman, and he uses the right present you will have to pay self employed tax and ours has always been the same. Also we never pay state tax

[LadyBug123]

I really need some help. I don't know were to save even the 15% of my gross wages each quarter. I barely make it month to month.
Last year my Gross wages were just over 78,000 and my total expenses were over 63,000. 15% of 78,000 would put me in the negative for the year.
I use QBO and I am trying to set it up so that I can make these quarterly payments. I just don't see how the math works out. Do you work with QBO?

Hello AngiesCareXYZ, just curious; How many kids do you have, how many helpers and how much you pay for rent. Sorry for asking so coarsely but I am in the process of opening my daycare so I am randomly reading thru the posts and trying to puzzle all the bits together, Thank you.., and wish you success... Sincerely LadyBug