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re: Paying my taxes with a credit card
Posted on 3/25/13 at 8:28 am to rintintin
Posted on 3/25/13 at 8:28 am to rintintin
You might want to try this. Pay with credit card and when the statement comes in pay 1/2 out of savings and pay the balance as soon as you can. You should pay estimates. Estimates should cover the tax due this year. However not to kill your cash flow pay 1/2 of the required amount. This will leave you a smaller balance due next filing season. Then in 2014 increase to 3/4 of the required amount and the full amount in 2015. It will take several years to get into a position of taking care of your financial oblation with less sting on your cash flow. Because cash flow is king in a self-employed business. The penalty for underestimating is not that high. Good Luck.
1
Posted on 3/25/13 at 9:54 am to Teton Tiger
Great advice, thank you. I told myself I was going to pay quarterly estimates this year (this was my 2nd year self employed so it was my first year eligible to do so), but waiting till the last minute to pay last years taxes meant that I already missed the first quarterly payment for this year, and now the same has happened again this year. My fault for procrastinating. I like your strategy though.
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