Just wrapped up my quarterly taxes. Used to dread this, but it’s gotten easier over time.
Started keeping better records and setting aside a percentage of each payment. Makes the whole process smoother.
Still not my favorite task, but definitely less stressful than before.
Never bothered with taxes much myself. Just set some cash aside when I can. Figure it out when the time comes. Not worth the stress, you know?
Separate account for taxes? Waste of time. Just take 30% off the top of every job and stash it away. Been doing that for years, never had issues.
Don’t overcomplicate it. Keep a basic spreadsheet of income and expenses. When it’s time to pay, you’ll have the cash ready.
If you’re really worried, get an accountant to look it over once a year. But for quarterly stuff, just keep it simple and you’ll be fine.
I’ve been handling my taxes solo for a while now. My system isn’t fancy, but it works:
The key is consistency. I update everything weekly. Takes maybe 15 minutes, tops.
For estimating what to set aside, I started with 30% of each payment. Adjusted it over time based on what I actually owed.
It’s not perfect, but it keeps me out of trouble with the IRS. And that’s really the main goal, right?
I hear you on making quarterly taxes easier. Been there, done that.
For me, the game-changer was setting up auto-transfers. Every time a client payment hits my account, 25% automatically moves to a separate ‘tax’ account. No thinking required.
Started with a basic spreadsheet, but eventually switched to Wave. It’s free and does the job for invoicing and expense tracking. Makes pulling numbers for quarterly estimates a breeze.
One tip: I always round up my estimates a bit. Better to get a small refund than owe extra.
And yeah, consistency is key. I set aside 30 minutes every Friday to update everything. It’s become a habit now, like brushing my teeth.
Not saying it’s fun, but it’s way less painful than the old ‘panic and pray’ method I used to use.
Agreed, good record-keeping is key. I’ve found it helps to set up a separate account just for taxes.
Every time I get paid, I transfer a chunk there. Come tax time, the money’s ready to go.
Makes quarterly payments way less painful.
Eh taxes are taxes. Never bothered much with records. Just wing it every quarter and hope for the best.