Results 1 to 6 of 6

Thread: What do you use to pay taxes?

  1. #1
    Veteran Member Neonsugar's Avatar
    Joined
    Jun 2013
    Posts
    335
    Thanks
    0
    Thanked 478 Times in 119 Posts

    Default What do you use to pay taxes?

    I'm just wondering everyone's personal options on what you use to do your quarterly taxes with..h&r block an accountant turbo tax??

  2. #2
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: What do you use to pay taxes?

    Generally speaking, the 'big box' tax preparers like H&R Block, Jackson Hewitt etc. are NOT a good option for self-employed 'independent contractor' dancers and camgirls. The reason of course is that their tax preparer training is heavily skewed toward preparing tax returns for 'employees' ... thus they are not very familiar with small business tax forms, deductions, and rules.

    Tax prep programs are very capable of handling small business tax returns as well as quarterly estimated taxes. While not wishing to actively promote TurboTax ( home and business version ), I have been using it myself for over a decade. However, even with a 'walk-through' Q&A interface, small business versions of tax prep programs can still be a bit confusing for people who are totally new to the 'workings' of small business accounting and taxes. But if the person has a firm grasp of the basics, small business tax prep programs are 100% capable and relatively inexpensive.

    The arguable 'best' option for a dancer or camgirl who is not familiar with small business accounting and taxes is to retain an accountant who specializes in small businesses. This is unarguably expensive, but can provide a lot of 'value' getting things set up in the most favorable way, explaining details, etc. Also, after a year or two with a small business accountant, using a small business tax prep program should be really straightforward.

  3. #3
    Veteran Member Neonsugar's Avatar
    Joined
    Jun 2013
    Posts
    335
    Thanks
    0
    Thanked 478 Times in 119 Posts

    Default Re: What do you use to pay taxes?

    Dumb question, it says the program costs $80 is that a one time fee or every quarter I'm paying the $80?

  4. #4
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: What do you use to pay taxes?

    you need a newly updated tax prep program every year, so the cost is annual.

  5. #5
    Featured Member Aurora14's Avatar
    Joined
    Sep 2012
    Posts
    1,060
    Thanks
    1,974
    Thanked 2,010 Times in 704 Posts
    My Mood
    Happy

    Default Re: What do you use to pay taxes?

    Quote Originally Posted by Neonsugar View Post
    Dumb question, it says the program costs $80 is that a one time fee or every quarter I'm paying the $80?
    If you are talking Turbo Tax (or a similar program) you need new software each year. Tax rules and forms can change yearly, so they take advantage of that and have us buy new every year. But if you are talking about your quarterly payments that you send in to pay estimated taxes, you can print out the payment vouchers for free at http://www.irs.gov/pub/irs-pdf/f1040es.pdf if you didn't print them out when you filed your yearly taxes. The first 5 pages are instructions, 6-8 are the worksheets to figure payments, Page 9 is the actual voucher.

    Personally, I love Turbo Tax. I did my own taxes for 10 years, but needed a bit of guidance when I started needing my schedule C. I've always picked up on certain things after doing them once. If you are good at picking up new info involving numbers, try an at home program. However, I agree with Melonie. An accountant can provide peace of mind to someone that may need a bit more guidance.

  6. #6
    God/dess baer45's Avatar
    Joined
    Mar 2015
    Posts
    3,004
    Thanks
    1,769
    Thanked 5,118 Times in 2,209 Posts

    Default Re: What do you use to pay taxes?

    Use turbo tax. I work at my buddy's shop part time, so I could run some my earned money through the 1090 tax form to keep myself in the lower income bracket. I do pay social security tax.

Similar Threads

  1. What If You Can't Pay your Taxes ?
    By Melonie in forum Dollar Den
    Replies: 0
    Last Post: 04-11-2012, 07:08 AM
  2. Do you *not* pay taxes?
    By legallyblonde502 in forum Dollar Den
    Replies: 19
    Last Post: 10-30-2011, 07:16 AM
  3. How much taxes do you have to pay?
    By Glasses in forum Camming Connection
    Replies: 12
    Last Post: 10-15-2011, 02:24 AM
  4. Why I pay taxes ...
    By Lizette in forum Dollar Den
    Replies: 21
    Last Post: 04-11-2005, 04:09 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •