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Thread: how much do u girls put away for taxes?

  1. #1
    Senior Member alys's Avatar
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    Default how much do u girls put away for taxes?

    im just wondering .. dont know how much i should be putting away. Also, do you guys pay quarterly or yearly (i'd prefer to do it yearly...)
    and... can you go somewhere to do it for free, like maybe hr block, or is it easy enough to do by yourself ... i use turbotax and that seems easy enough.. can i keep using turbotax?

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    Featured Member tinydancer23's Avatar
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    Default Re: how much do u girls put away for taxes?

    i use turbotax and try to put away at least 25-30%. this year i'm paying yearly but next year i'll start paying quarterly. paying yearly instead of quarterly can cause a lot of fees and penalties.

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    God/dess roast's Avatar
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    Default Re: how much do u girls put away for taxes?

    you can keep filing yourself - personally I pay for a CPA to file them ($200-300, depends), mostly because they're used to filing for independent contractors and also because I dont know what Im doing. The one I see is this grumpy old guy who basically berates me for not keeping ALL of my receipts for any and all purchases that can be written off and for being too disorganized to file quarterly. He is kind of a jerk but he has saved me a bundle and doesn't flinch at all at the whole webcamming thing.

    The bonus of getting a CPA is you contact them ahead of time to find out their comfort level with what you do (it is legal but checking that they'll be fair is helpful) and you get to discuss it in the privacy of their office - while HR Block is usually like an open floor room where you get whoever you get who may have a varying amount of experience or 'tude.

    It also helps if you don't just webcam - taxes get even more confusing if you work a job where your income is taxed + webcamming / independent contracting + going to school + if you have a dependent + are married + own property, etc.

    That's my pitch for investing in a super independent CPA. CPAs who are a part of firms are expensive and may require you to pay to have them on retainer or something - not worth it. Find someone close to retirement who dreams tax law in their sleep haha.

    I usually put aside ~25% but rarely ever (ever) need that full amount due to how much can be written off.

    I highly recommend putting aside a "taxes" fund on an online savings account through ING or even SmartyPig.com - then the money isn't freely available and earns interest. Or if you have a credit union joining their "special savings" funds where you cannot touch the $ at all until a date you create. Helps tremendously during tax time.
    Last edited by roast; 09-16-2011 at 12:49 PM.





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    God/dess ManyRoses's Avatar
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    Default Re: how much do u girls put away for taxes?

    I put away 25% - you shouldn't need that much, so the leftover becomes savings, which is always good to have!

    I also file with a CPA - luckily enough, she is my partner's mother, and because she is a CPA, she does the whole family's taxes for free. My situation is pretty complex - as well as webcamming, I work as a piercer, where I get taxed off my paycheck, AND also independently as a tattoo artist. I am terrible with math and numbers in general, so I would be totally lost doing my own taxes, and I am absolutely terrified of screwing up and having the tax man come after me and leave me destitute because of a mistake!
    I take cash, debit or credit. I just don't take shit.


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    Veteran Member ElianaIsis's Avatar
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    Default Re: how much do u girls put away for taxes?

    I plan on putting back 20%, but I'm a mom of 3 and a student so I have a lot of deductions. I will definitely use a CPA, just cause I can take them all the paperwork and be done with it.

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    Senior Member charlieH's Avatar
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    Default Re: how much do u girls put away for taxes?

    How do you find a cpa? I've been trying to figure this out and an soooo lost lol doesn't help the only class I've failed in years is accounting lol

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    Veteran Member ElianaIsis's Avatar
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    Default Re: how much do u girls put away for taxes?

    You can google cpa's in your area. You want someone who is familiar with self employment tax laws. You should be able to get a free consultation/interview with them to make sure that you are comfortable working with them. Not really sure if they will give you referrals for who they have worked with. You could always contact your small business administration office in your area for referrals as well.

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    Featured Member EvilChick1989's Avatar
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    Default Re: how much do u girls put away for taxes?

    Delete sorry! lol


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    Moderator IsobelWren's Avatar
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    Default Re: how much do u girls put away for taxes?

    Roast you are my favorite person. That's exactly what I would have said. Particularly the part about putting it in an online savings account that earns you interest. Might as well have interest work FOR us for once.


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    Default Re: how much do u girls put away for taxes?

    you can also set aside 15% of your earnings in a SEP IRA ( self employed pension fund) this money is BEFORE TAXES - so - you dont pay taxes on it untill you take it out in retirement and then it is taxed at a much lower rate -- you can set the SEP up in a variety of ways - stocks/bonds/cd's/savings -- just like any other retirement account - another cool thing is you dont have to have it invested by Dec 31st - the deadline to contribute is around March or April the following year for the previous year -- Once i have my taxes calculated i know how much i can contribute to the account --

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    Featured Member h0ttie's Avatar
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    Default Re: how much do u girls put away for taxes?

    I am a tax messsssssssss. I haven't paid my taxes for camming in 4 years. I did all four years and just sent them into the irs like last month. Now I am waiting for them to come chase me for their money . I have no idea how I am gonna pay 4 years of taxes...plus taxes for this year . I need to start saving like 95% percent of my income or something
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