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Thread: When you pay taxes quortly will you ever receive a refund, like other jobs?

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    Duh When you pay taxes quortly will you ever receive a refund, like other jobs?

    Just curious if as an independent contractor will you even be refunded some of the money you pay in taxes like at other jobs?

    Thanks!

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    God/dess Selina M's Avatar
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    Default Re: When you pay taxes quortly will you ever receive a refund, like other jobs?

    I suppose theoretically it's possible if you were to just pick a % and pay it and/or have other deductions & credits... but generally no, since you are supposed to calculate off your earnings every quarter. Like, I never get a refund because I will literally figure out what credits I have to use, split them up into 4, and calculate my taxes minus those credits every quarter so I'm not paying a dime more than I have to.

    You get refunds at vanilla jobs because they withhold at X rate and don't take into account what tax bracket you fall in (so if they are withholding 25% and you are in the 15% bracket, you get a refund), nor do they know what credits or deductions you are going to claim.

    You can give YOURSELF a refund every quarter though If you're keeping 30% aside and it turns out you only need to use 20% of it, you refund yourself the difference every quarter.
    "People jack off with the left hand and point with the right."

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    Default Re: When you pay taxes quortly will you ever receive a refund, like other jobs?

    Not if you do it right. As Selina indicated, you only get a refund if you overpay in the first place. You are just getting back your own money back after giving the government an interest free loan for up to a year.

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    Default Re: When you pay taxes quortly will you ever receive a refund, like other jobs?

    Anytime you get a refund it is because you are lending the gov't money

    In a perfect world you should figure it out so that you write the biggest check that you can afford on April 15

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