Schedule C is one page with two halves. The top half is what came in. The bottom half is what went out. Subtract one from the other and you get line 31, your profit — and that single number is the only thing that ever leaves the page. The shape of the page Before any…
Four dates: April 15, June 15, September 15, and January 15 of the following year. Send 100% of last year’s total tax, split into four, and the IRS cannot penalize you no matter what you actually end up owing. Make that 110% if last year’s adjusted gross income was over $150,000. If you miss one,…
Set aside 25% to 30% of every payment you receive. On $80,000 of net profit that comes to about $22,000, and it covers the 15.3% self-employment tax the US charges anyone who works for themselves, plus federal income tax. Add 3% to 6% more if your state taxes income. Move it the day the money…