As a self-Employed or Small Business Owner you'e required to filing and pay estimated IRS taxes 4 times for a filing year.
The due dates for 2019 are April 15, June 15, September 15 , January 15,2020.
The penalties and interest charged by the IRS for not complying is outrageous.
Failure to file penalties is 5% per month and interest is 1/2 % per month compound.
My suggestion to the Self-Employed is set up a separate checking to used for paying your taxes only.
Each pay check receive, transfer $30 of every $100 to that account, at the end of quarter, you should have
enough money to pay your taxes.
For Small Business Owners, this is little more tricky, Try using your accounting software to fine your monthly profits.
Then transfer $30 for every $100 of profit to your tax checking account.
If you make this one change, you will start keeping more of the money you have earned.
Exactly. You need to set up a separate account just for your Taxes. Sole Proprietors. also, have to pay social security taxes. The social taxes are usually bigger than you income taxes. Bottom line you need to allocate ahead of time for your taxes.
Chris Owner CEL Financial Services
IRS Registered Tax Preparer
Registered bonded California CTEC Tax Preparer
Please visit my website for all your Income Tax Fillmore needs.
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