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taxes and small business\home based business

Discussion in 'General Business' started by adisolutions, Apr 21, 2010.

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  1. #1
    hello friends,

    i was wondering if you are putting any money aside from your projects in case you need to pay some money back at the end of the year.

    i have started to put money aside from every project. i usually put ~15% - 20% aside so that i have some money ready in case i need to pay some money back.

    how do you go about it?
     
    adisolutions, Apr 21, 2010 IP
  2. ServerUnion

    ServerUnion Peon

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    #2
    If they start to turn a profit I usually do, better to have the money available at tax time. Make sure you take into account your deductions first.
     
    ServerUnion, Apr 21, 2010 IP
  3. HowWhoWhen

    HowWhoWhen Peon

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    #3
    Absolutely! If you make any kind of profit just take out 20-30% and tax day won't be so stressful. I've been there.
     
    HowWhoWhen, Apr 22, 2010 IP