LOL - gotta love the old and new list addresses in a reply all - sorry
for the dupe.
-Peter
Peter Bowen wrote:
Sasha - First let me say - RIGHT ON! Owning your own business will
either be the best thing you ever do or the worst, and planning makes
all the difference in the world. I use Turbo Tax for the operating
system that cannot be named, but Intuit has a web quicken as well.
The prior points about keeping good records, and keeping two accounts
are good - however the only reason to do an LLC/S-Corp is for
liability protection - and you will pay for the privelige in
additional bank accounts, filing fees, paperwork, etc. For a simple
consulting situation, a sole propriter will be easiest. Use cash
based accounting and it's a breeze. Basically, you're going to report
cash in as income and cash out as expenses. This is exactly the way
that your W2s work. A simple accounting program should be sufficient
and you'll be able to spend time making money instead of account
manipulation.
BTW - Turbo tax will handle a sole propriter just fine, and in many
cases being an LLC will not shield you since anyone who will loan
money, lease space, etc. will ask you to personally guarantee your
obligations.
Oh - Finally, I've had good experience with Hawkins, Cloward &
Simister in Orem.
Good Luck,
-Peter
Sasha Pachev wrote:
Hello, everybody,
This is going to be less OT than some of the threads have been. If
you are a Linux hacker, you might have a consulting business. And if
so, figuring out how you pay your taxes is a part of it. So this is
somewhat on topic :-)
As some of you may have noticed or heard, I am now a full-time
independent consultant for the first time. Things are going well so
far, except I need to figure out how I am paying taxes to make sure
IRS does not hit me with a fine, and also to make sure I do not pay
more than I have to.
Questions:
Does anybody know of a calculator that will tell me based on my
expected annual income, family size and estimated deductions how much
tax I owe per quarter for both state and federal taxes? I have found
one on Intuit site that kind of does it, but it does not do
deductions/child tax credit/etc, nor does it do state taxes. (And to
keep this on topic, it has to be Linux-compatible).
If I did fine without a CPA when most of my income came from a W-2
type job, do I need one now?
Any other tips?
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