[Hidden-tech] Question re: finances

[Rob Condon]

Hi All,
    The 941 Fed. tax payments are monthly by the 15th as is the State tax. 
Both can be paid electronically in about 5 minutes per month.  You simply 
have to set it up with both. Go on-line.   The Feds do require a quarterly 
filing for the 941: apart from the actual payment.
Good Luck,

Rob Condon
Longley Associates, Inc.


----- Original Message ----- 
From: "Edbride-PR" <Ed at edbride-pr.com>
To: <hidden-discuss at lists.hidden-tech.net>
Sent: Friday, July 14, 2006 10:44 AM
Subject: Re: [Hidden-tech] Question re: finances


>   ** Be a Good Dobee and help the group, you must be counted to post .
>   ** Fill out the survey/skills inventory in the member's area.
>
>
> Ron,
>
> Please clarify whether you really do mean "quarterly estimates," or
> "quarterly payments, based on estimates"?
>
> I've always been told that in order to escape penalty, your quarterly
> *payments* must either be 25% of the current year's obligation, or be 
> equal
> to at least 100percent of last year's payments; even if you under-pay 
> based
> on current obligation, you will avoid penalty if you satisfy the latter
> requirement.
>        I have been penalized for not doing so. That is, you need the money
> each quarter, not just in April.
>
> Ed
>
> ----- Original Message ----- 
> From: "Ron Miller" <ronsmiller at comcast.net>
> To: "Don Lesser" <dlesser at ptraining.com>
> Cc: <hidden-discuss at lists.hidden-tech.net>
> Sent: Friday, July 14, 2006 7:17 AM
> Subject: Re: [Hidden-tech] Question re: finances
>
>
>>
>> ...if you are a sole proprietor you
>> don't really need to worry about this on a monthly or even quarterly
>> basis, so long as your quarterly estimates are equal to at least 100
>> percent of your previous year's taxes. Of course, you still need to have
>> the money you owe come April, so you need to make sure you've set aside
>> enough to cover yourself for that eventuality.
>>
>> In addition to taxes, you should also consider contributing the maximum
>> amount you can to a SEP IRA (or similar self employment retirement
>> vehicle) as this can significantly reduce your tax burden. In a sense,
>> you pay yourself instead of the government.
>>
>> I would suggest, however, that you consult with a good accountant. I've
>> worked with John Sherbow at McGonnigle, Sherbow and Delisle for several
>> years and he is extremely professional and competent.
>>
>> Ron
>>
>>
>> Don Lesser wrote:
>> >    ** Be a Good Dobee and help the group, you must be counted to post .
>> >    ** Fill out the survey/skills inventory in the member's area.
>> >
>> >
>> > When I was a freelancer, I simply took 25% of every check and deposited
> it
>> > into a separate bank account BEFORE I DID ANYTHING ELSE with the money.
> As
>> > long as I had the discipline to do that, I had my quarterly payments.
> You
>> > might want to go to 35% to guarantee you had enough.
>> >
>> > Don Lesser
>> > Pioneer Training, Inc.
>> > 14 Bobala Road
>> > Holyoke, MA 01040
>> > (413) 536-1030 (phone)
>> > (413) 552-0472 (fax)
>> > dlesser at ptraining.com
>> > www.ptraining.com
>> >
>
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