Sunday, April 6, 2008

Self-employment taxes

After doing my taxes I learned something interest. Doing side independent work for extra cash is considered self-employment income. That means quarterly self-employment taxes.

Luckily, I did not get penalized for it this tax year as I was working a real job too and I guess it all even out in the end. But now I have to think about the next tax year.

Basically, I need to see if I need to be paying in quarterly taxes. And the first due date is April 15th. Or I wonder if you can work around that by uping your withholding and having extra taxes taken out.

Do the whole side business for yourself thing is kind of a lot of work in the details, eh?

No comments: