Tax

[Calikate]

About how much do you keep out per week for taxes? Ballpark? Thanks!

[LadyPearl]

I roughly transfer 20% per month to another acct. I figure this should be enough once expenses are calculated in. However, I am new and have not gone through any of this before.

[NoMoreJuice!]

savings

I've been withholding 20% of my income for the last few years in a separate savings account, and some years I have some left over (yay!) and some years I have to pay a little extra in (boo, but never more than a few hundred).

It all comes down to nickel-and-diming every single expense. EVERY single receipt, no matter how small or stupid, gets recorded. Yes, I spent $1.09 at the dollar store on glue. Doesn't matter, it gets deducted. All business owners (but especially home-based businesses like our's) lose so much money each year because they forget a few expenses here and there.

Hope this helps, and good luck to you!

[Maddy'sMommy]

I set aside 30% every week, knowing realistically I will have more than I need at the end of the year.

[Calikate]

thanks everyone! Very helpful! do you use an accountant, is there anything else about taxes I should know besides saving EVERY receipt and putting aside between 25-30 percent?

[Starburst]

Do you know about time and space?

http://www.tomcopelandblog.com/record-keeping-taxes/

http://www.redleafpress.org/Search.aspx?k=taxes%20and%20record%20keeping

[melskids]

I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.

[Leigh]

I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.

Same here, and we still get a refund.

[Crazy8]

I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.

same here, we always get a refund. I know we could adjust DH's w2 to get more in each check but I like having that safety net as I have some high income years and some low income years (expenses seem to go down the longer you're in this business).

[rebekki78]

I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.

Same here. I don't set anything aside, and we still get a return. But it helps that we claim 4 children on our return. Once the children are grown, I will take the advice of 20-30 percent. Thanks ladies.

[melilley]

I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.

Same here.

This was my first year having to do taxes (for last year) and I was sooo worried that we would have to owe, but we actually got some back!

[jenboo]

Same here.

This was my first year having to do taxes (for last year) and I was sooo worried that we would have to owe, but we actually got some back!

Same here! I was only open for 3 months but also nannied during the rest of the year. I wasn't making enough to set some $$ aside. I was so nervous about having to owe but we are still getting some back!! My husband withholds at his job so it helps.