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Relaxing Weekend & Taxes

October 6th, 2016 at 01:53 pm

My husband is going camping this weekend with some friends and I'll have the whole house to myself. I'm kind of excited to be able to lay around, clean, catch up on some chores, etc.

I'm sending $500 for estimated taxes today. I am so lost when it comes to being self employed and paying taxes. But since I have my part time job, I think I'm actually withholding as much or more than I did last year. And I believe if you pay at least 90% of your previous years taxes that you don't have to pay estimated taxes? So actually I don't think I need to send any in, but I'd rather be on the safe side. After this year I'll have a better idea about how much I will owe in the future. For now I've been putting back 25% of all my freelance money. I'll hang onto it until tax time and I know if I owe more or not. Would be lovely to get to keep all that though. Wink

My bank account changed their online portal, and I haven't figured it all out yet. When I tried to submit an extra payment to the LOC I accidentally sent it to the mortgage. Arg. Oh well. It's not worth calling and getting it corrected, it's still paying down debt. Just not the one I was hoping for.

2 Responses to “Relaxing Weekend & Taxes”

  1. snafu Says:

    I too struggle with estimated sums for our home based employment. I hope you've created a list of allowable expenses targeted to your home based business costs, created a basic spread sheet and a system to retain receipts. For example, any equipment used in your home based business like computer, printer, paper, phone, internet, prorated for business use. Likewise the square footage of home office space mortgage .

    If you are willing to post n the Forum part of SA, perhaps some of the really knowledgable participants can offer suggestions.

  2. VS_ozgirl Says:

    I too also have a husband who is off camping for the weekend! I'm not doing anything exciting but I'm looking forward to making some cool meals that he's not usually a fan of. And maybe watch some chick flicks Smile.

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