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Thread: Where Do You Put Your Tax Money?

  1. #1
    Veteran Member MommieLongLegs's Avatar
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    Default Where Do You Put Your Tax Money?

    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).

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    God/dess sexysusie's Avatar
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    Default Re: Where Do You Put Your Tax Money?

    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.

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    Featured Member Spinnerette's Avatar
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    Default Re: Where Do You Put Your Tax Money?

    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.

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    God/dess Cam_Model_Jess's Avatar
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    Default Re: Where Do You Put Your Tax Money?

    ^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.

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    Veteran Member housewench's Avatar
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    Default Re: Where Do You Put Your Tax Money?

    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

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    Featured Member HaydenBlue's Avatar
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    Default Re: Where Do You Put Your Tax Money?

    SmartyPig.com.

    Online bank and gets interest.







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    Veteran Member AngeXx's Avatar
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    Default Re: Where Do You Put Your Tax Money?

    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!

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    Member e-stripper's Avatar
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    Default Re: Where Do You Put Your Tax Money?

    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.

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    Veteran Member MissMafia's Avatar
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    Default Re: Where Do You Put Your Tax Money?

    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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  19. #10
    Veteran Member MommieLongLegs's Avatar
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    Default Re: Where Do You Put Your Tax Money?

    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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