Financial advisor advice.
Disclaimer: This is not financial advice. Just my personal situation.
I have another online business that I am trying to launch that will sell quilts online. I also mystery shop and now do KGB and I have a full time job ( I just can't seem to make ends meet no matter how much money I make...)
I talked to a financial advisor because I am hopeless at tax stuff. This is what I was told would be a good plan. If you are good at saving and can afford to pay it quarterly then you can do that - this is just what will work for me because I am not a saver.
I have 5 dependants and I am the head of Household but on my W2 I only claim 2 deductions instead of the 6 because I never ever want to owe the IRS money. So for my home business and my kgb and mystery shopping, suggests that I save 40% of everything that I make as a contractor in a separate account. For deductions I have my website, paper, ink, billing software, books, ebay and website expenses. save all of those receipts.
If your bank has a tax expert (mine offers it free) you might want to sit down with them. H&R Block also offers the service and I am not sure if it free or not.
Hope this helps someone.
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