So...do you put your money set aside for taxes in a Checking or Savings account? Does it matter?
Right now, mine is in my Savings, but I want that money to be separate so I don't mix it up (I do know how much of it is for taxes).
So...do you put your money set aside for taxes in a Checking or Savings account? Does it matter?
Right now, mine is in my Savings, but I want that money to be separate so I don't mix it up (I do know how much of it is for taxes).





Looks like you're at about the same stage as me tax wise lol. I just set up a new current account with my bank, so I have one for regular spending and one purely for webcam earnings in and business expenses out. I will pay tax out of this account, and once a month pay myself a "wage" into my regular spending account. I also have a savings account into which I will transfer a set amount each month and not touch.
You should open a separate checking/savings account for camming wages and expenses. I'm working on getting myself structured as an LLC and will basically be paying myself a "check" every week and leaving the rest untouched for taxes/business expense purposes. Much simpler that way.
^I concur. I did the same thing, under advice from my tax preparer. I deposit the check into an account, then transfer the amount of the check, minus taxes, to my personal account.



I put mine in my ING direct account. It's fairly high yield compared to most banks, so it breeds a little while it's in there <3
not to mention it's only accessible with a debit card or a bank transfer, so it's hard to mess with
SmartyPig.com.
Online bank and gets interest.
I have a separate savings account attached to my regular account specifically for tax purposes. I like having it separated, as well as earning interest on it!
I have a savings account that's attached to my Chase account, I transfer a % of my weekly check in there to cover taxes. I don't pay quarterly taxes, just do my yearly with the hubby. We usually have enough write offs that I don't owe taxes.



I have a PNC Virtual Wallet, Performance (Interest) Checking...
If any of you have those around, you should REALLY check them out.
I put that stuff in my long-term savings.
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Thanks for all the replies! Well, I think I'm gonna open another Savings account, where it will build interest over time.
The PNC Virtual Wallet sounds cool, too.
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