Hi Ladies,

I have set a percentage for my salary and for taxes. This way, I know exactly how much I will be getting paid. I also, pay myself bi-weekly, which makes it easier to pay my bills and other expenses in my business.

As far as taxes, when you file your taxes, you fill out a schedule C and along with that, your accountant fills out a seperate sheet for self employment taxes. if you're not sure, check http://www.irs.gov they have lots of information on self employment tax.

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Karla Amaya, Your Practical Admin
http://www.yourpracticaladmin.com

Boy!!! Things aren't as simple as I thought!

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A L Camien
Manager Member

I agree that things are complicated. Having a good accountant that you can trust is key as well as trying to learn as much as you can. Thanks to everyone for the great information.

Wow, this is something I haven't considered yet. Now that my business is growing I can see this is something I need to research further.

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Rachel Clay
http://virtualassistantsofthewiregrass.weebly.com/

I'm grateful the for the posts on this matter. I have researched the IRS and things are still a little confusing, mostly because I'm afraid of doing something wrong.

I do want to have an accountant but it's expensive. I understand the concept of putting aside a percentage, I thought it was 30% of your pay. My sister-in-law is an Independant Contractor and she makes quarterly payments but she doesn't have her own business. So it's easier for her, I think.

Anyway, research and asking questions is key. I'm sure there are VA's who are accountants and we could outsource to them! Keep it in the family!

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Maryann Matas, Seashore Transcription & Typing Services
Virtually Partnering in Business for Your Success

Originally Posted by Virtually Your Solution

I'm grateful the for the posts on this matter. I have researched the IRS and things are still a little confusing, mostly because I'm afraid of doing something wrong.

This is what I'm afraid of too. I want to do the right thing, but I also want to do the fair thing, whatever that is. It just seems that if a person puts in all the effort, the results should be all that person's.

Lord, I've got the management line?!

Thanks again for the insight, ladies!

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A L Camien
Manager Member