okihost
01-15-2002, 06:10 PM
Do you guys find you get a huge tax bill at the end of the year being self employed or does it run the same as say you work at a normal job. Say I make 600 a week, I know I am only going to bring home 450 if i am lucky. What I guess I am saying is if there is maybe a certain % of what you make should be put aside till taxes roll around just to make sure you dont get whopped. thanks
Dollac
01-16-2002, 03:44 AM
Yes and here in Canada if your business makes more than a certian amount each year you have to submit monthly estimate tax checks to the goverment (or is it every few months?)
The amount is a whole different ball park it depends on the business structures as some are more favorable than others the easiest way without spending money on an accountant which you may already have is to go to your state/province main website and search away.
Most people overlook this very valuable resource. By law they have to make available to the public all laws, regulations, updates, etc that effect the public available to the public. Over 90% of the questions that I have read on this site about starting, operating a business including fees, taxes, licences, etc. can be answered eaisily in one afternoon of searching for the information on your goverments website and it is FREE!