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Discussion in 'Business Fundamentals' started by bsuds, Mar 26, 2010.

  1. bsuds

    bsuds Senior Member
    Messages: 192

    In years past I have been able to have enough write offs to negate my tax burden. This years I have achieved a higher level of income and am not use to paying taxes quarterly. How do you guys usually handle withdrawing and organizing your taxes on a quarterly basis. I feel like the government is stealing form me with their exorbitant taxes and want to do my best to keep what is mine. How do you guys handle your taxes? What methods work best for organizing and paying your taxes. Should I hire someone to do this, or is this something I can do on my own?
  2. Mick76

    Mick76 2000 Club Member
    from Maine
    Messages: 2,157

    My accountant just give me the quarterly "coupons" and the address to send them into.... if you want to lesson your tax burden, purchase some more "toys" or I should say equipment to depreciate
  3. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    As said call the account. For me i don't do quarterly taxes. my wife has taxes taken out of her pay so as long as someone in the family is paying you don't have to but of course you need to watchout that you take enough out .,just in case.
  4. icudoucme

    icudoucme Senior Member
    Messages: 367

    Pay your taxes.... Just look at all the state/tax foreclosure auctions. All states are in a money crunch if they have a hunch you're holding back they will find you and make you pay out the wazoo... We pay quarterly its a pain, but we have to. Millions on welfare depend on it lol...... We sent a payment 2 days late last year and got nailed with a couple thousand dollars for a fine for being 2 days late and not filling a request for an extension.
  5. SullivanSeptic

    SullivanSeptic PlowSite Veteran
    Messages: 3,422

    My wife, who is an accountant handles all my taxes. But it is a PITA keeping up on them. We pay them every pay period. That way we can keep track and make adjustments before the end of the quarter. I always hated waiting until the end of the quarter because my bank accounts always seem like they had a lot of money in them. Then the wife would write the taxes check and I would freak out because all the money was gone. I guess its just easier on the eyes when its spread out over a longer time frame. But bottom line, PAY YOUR TAXES! You will regret it if you dont