Fireup2020
Thinks s/he gets paid by the post
- Joined
- Feb 5, 2007
- Messages
- 1,250
I have been researching this topic - and I think I should be paying estimated taxes. Estimated Taxes
I am a W2 Employee, both state and federal (reg job and reserve). I also am an independent consultant with Mary Kay (but not in/corporated in any form) and use this for multiple deductions. Not enough regular deductions to itemize, so take I the std. deduction.
Here's the kicker for '07: I also will have between 15 and 25K in 1099 "income" from several mini - self employment businesses (tax prep and organizer income)
As a result, I am trying to discern if I should make estimated tax payments (ugh! ) - it appears I could be hit with a penalty - even if I end up with a refund - or pay my entire tax bill next spring.
Thanks for your input!
I am a W2 Employee, both state and federal (reg job and reserve). I also am an independent consultant with Mary Kay (but not in/corporated in any form) and use this for multiple deductions. Not enough regular deductions to itemize, so take I the std. deduction.
Here's the kicker for '07: I also will have between 15 and 25K in 1099 "income" from several mini - self employment businesses (tax prep and organizer income)
As a result, I am trying to discern if I should make estimated tax payments (ugh! ) - it appears I could be hit with a penalty - even if I end up with a refund - or pay my entire tax bill next spring.
Thanks for your input!