Comments on: How to Pay Taxes on Small Business Income http://www.americanconsumernews.com/2007/03/how-to-pay-taxes-on-small-business-income.html Helping Smart Shoppers Save Sat, 13 Mar 2010 21:39:54 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Carson http://www.americanconsumernews.com/2007/03/how-to-pay-taxes-on-small-business-income.html/comment-page-1#comment-519 Carson Wed, 04 Apr 2007 16:10:00 +0000 http://www.americanconsumernews.com/2007/03/how-to-pay-taxes-on-small-business-income.html#comment-519 One thing that seems to be missing here is a mention of the safe harbor rules. Here are a few more articles that have a little more detail:<br/><br/><a HREF="http://www.smartmoney.com/tax/filing/index.cfm?story=estimated" REL="nofollow">Smart Money - Do You Owe Estimated Taxes?</a><br/><br/><a HREF="http://www.fool.com/taxes/2000/taxes000317.htm" REL="nofollow">Fool.com - Estimated Taxes (and How to Avoid Them)</a><br/><br/><a HREF="http://www.irs.gov/publications/p505/" REL="nofollow">IRS publication 505 on paying estimated taxes</a> - Chapter 4 goes over some of the safe harbor rules One thing that seems to be missing here is a mention of the safe harbor rules. Here are a few more articles that have a little more detail:

Smart Money – Do You Owe Estimated Taxes?

Fool.com – Estimated Taxes (and How to Avoid Them)

IRS publication 505 on paying estimated taxes – Chapter 4 goes over some of the safe harbor rules

]]> By: Jim Durbin http://www.americanconsumernews.com/2007/03/how-to-pay-taxes-on-small-business-income.html/comment-page-1#comment-499 Jim Durbin Mon, 02 Apr 2007 20:31:00 +0000 http://www.americanconsumernews.com/2007/03/how-to-pay-taxes-on-small-business-income.html#comment-499 If every person in America ran a small business and payed taxes quarterly, the politicians would have very little money to play with.<br/><br/>I spend about $2,000 a year on accountants and a payroll service for a business of 2 - not to mention over 15% for Social Security and Medicare, only to see my Social Security statement come back and say that I'm paying only half of that (because of course, they don't count the employer portion as earned). <br/><br/>Also - It's important to make sure that if you do use an accountant, that you get a small business tax advisor, and not just a CPA. If every person in America ran a small business and payed taxes quarterly, the politicians would have very little money to play with.

I spend about $2,000 a year on accountants and a payroll service for a business of 2 – not to mention over 15% for Social Security and Medicare, only to see my Social Security statement come back and say that I’m paying only half of that (because of course, they don’t count the employer portion as earned).

Also – It’s important to make sure that if you do use an accountant, that you get a small business tax advisor, and not just a CPA.

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