RE: 1099 work and employment taxes

Subject: RE: 1099 work and employment taxes
From: Lyn Worthen <Lyn -dot- Worthen -at- caselle -dot- com>
To: "TECHWR-L" <techwr-l -at- lists -dot- raycomm -dot- com>
Date: Fri, 7 Feb 2003 13:17:12 -0700


My self-employment tax strategy:

I haven't been in a position to need to file quarterly taxes, but I still
run an estimated tax return on a quarterly basis using the tax software I
used at the beginning of the year to file my previous year's tax. I realize
that the tax rules change often, so only use the figures these estimates
give me as a "ballpark" savings target. This strategy has helped me monitor
my tax status, and acted as a reminder against spending the $$ (about 35% of
the gross) that I routinely set aside to cover the year-end taxes.

So far, I've been able to give myself a small refund each year, which, since
it's been sitting in a money-market savings account, has had the benefit of
a little growth against the whole amount as well. I usually pour it back
into the business for upgrades of whatever sort is most necessary (tech,
supplies, etc.), so it turns into a business expense for the next year.

L

-----Original Message-----
From: Peter Gold
Sent: Friday, February 07, 2003 12:58 PM

...<snip>...
If you plan to use software to calculate your tax, buy it early and
run some scenarios to arrive at answers. Enter your expected income,
income type, deductible business expenses, other allowable
deductions, retirement contributions, etc.

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