Quote:
Originally Posted by jagerbomber3.0
Am i just completely clueless and off base when i ask why would you have to go broke and mortgage your home every april at tax time to pay the taxes? Shouldnt you be anticipating the cost of your taxes throughout the year and stashing some back into your savings or business account to cover this every year if you do end up having to pay? Im not an owner yet but I kind of just figured you would need to set aside money for taxes every settlement just like you would for maintenance or anything else involved in the cost of operation? Am i wrong or just missing something?
I put $500 each week into my savings. I use ATBS for my accounting and pay their estimated quarterly taxes, which is about $2500, then once my final return is completed, I pay that. This year I paid $7800 so far, and going to owe $0
So now I get to decide what I want to spend the $12k I still have in my savings. Most likely gonna just keep it un there tho just in case the new rig takes a crap.