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Thread: What kind of paper should you doing throughout the year to keep track of taxes

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    Default What kind of paper should you doing throughout the year to keep track of taxes

    This is my first year caming full time (enough to make $600 to get a 1099 in Jan next year - witch i didnt make enuf to get this year from last year). And I'm wondering what kind of paperwork and record keeping I should be doing if any? Right now all I've been doing is pulling aside my taxes and putting them in a bank account and when I buy things that I consider a tax wright off I'll save the recipes but I should I be doing more that?

    Also I heard that if you pay your taxes quarterly instead of in Jan when the cam sites send out the 1099s it cheaper because there's less fees and penalties can anybody give me more info on this and how its done without a 1099 from the cam sites.
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    Default Re: What kind of paper should you doing throughout the year to keep track of taxes

    while a lot of this has been covered under other threads, in general ...

    Since camming is a business, you should be keeping 'standard' business records. This can be as simple as a ledger / spreadsheet with daily entries of any camming 'earnings', and matching daily entries of any expenditures that are tax deductible as business expenses. The IRS also likes to see a separate bank account used for business related transactions versus personal finances, but this isn't mandatory.

    In regard to estimated taxes, yes these are due quarterly. The next Q2 deadline is June 15th for income earned between April 1st and May 31st. If you didn't file and pay estimated taxes for Q1 i.e. deadline was April 15th for income earned between January 1 and March 31st, you can 'make it up' with the Q2 estimated tax filing and payment. Filing is very simple using form 1040ES for federal, although states with their own income taxes will have different estimated state tax forms.

    As to the size of the estimated tax check that must go along with the 1040ES filing, that's a function of how much money you earned during the last quarter ... LESS the amount of business expenditures made during the last quarter. At a bare minimum a 15.3% tax for Social Security / medicare will apply regardless of income level. In addition to that, the federal income tax rate can vary anywhere from 0% ( earning < $1000 total during the quarter ) to 28%+ ( earning > $50,000 total during the quarter ). And if you live in a state that levees it's own income tax, some additional percentage will apply for state income taxes.

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