- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Best way to allow withholding to sit for tax season?
Posted on 2/23/17 at 1:44 pm
Posted on 2/23/17 at 1:44 pm
My side job of coaching is a 1099-MISC and pays $24,000/year. I anticipate moving forward I will have to pay about $6,000 annually in taxes. As opposed to just saving that $500 in my checking, what is a good, safe place I could store it? Even just 1% could add up over time.
This post was edited on 2/23/17 at 2:27 pm
3
Posted on 2/23/17 at 2:00 pm to rpg37
Goldman Sachs savings account. FDIC insured and yields 1.05% with no minimum.
Posted on 2/23/17 at 2:42 pm to rpg37
I'm not a CPA, but I believe that technically you are supposed to pay quarterly estimated taxes to a tune of about 90% of what you will owe the first year and then something close to that number after that.
I don't know what the penalty or how that works, but the IRS wants their money as you go they don't want you just to wait and pay $6000 in April of the following year.
ETA: You could also withhold more from your W-2 position to make up that $6000.
I don't know what the penalty or how that works, but the IRS wants their money as you go they don't want you just to wait and pay $6000 in April of the following year.
ETA: You could also withhold more from your W-2 position to make up that $6000.
This post was edited on 2/23/17 at 2:43 pm
Posted on 2/24/17 at 8:15 am to rpg37
You need to pay estimated taxes or you will get a penalty. Pretty simple.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News