Affiliating Marketing Advice? ?
At the moment, im staying with my family. but, i was wanting to know a couple of things. and was wondering if you guys could give me some advice and tips on this situation. Gladly Appreciated. Im fixing to get a part time job, and while im working there. I'll be working on my affiliate site. How much time do i have to file my taxes. from my self employed business. can i make some income, put it in my bank and move out. then file taxes or wait until i get my 1090, 1040 form. while im in my family house.
It shouldn't take me that long to move and such. I know this much, when i get a certain amount of money from my self employed business.i have to file taxes,quarter of each month. April 15, then again on July 15, September 15, and January 15. But, more then likely ill go to a tax professional and do everything there. my only concern is switching from my part time job to my self employed business. do i need to call my part time job and fax something.
I just really want to move out, then file taxes. I dont want to be in my family house. while filing my taxes. Thanks :)
- Anonymous2 months ago
I would hold off on paying taxes until you are sure you are making money at it.
There won't be huge penalties for not filing quarterly for a new business.
Are you sure you will make money?
- JudyLv 72 months ago
Get a part time job and move out? Where are you planning to get the money to live on? Few part time jobs pay enough to live on. Don't count on your affiliate site - that would take a long time if ever to make enough to live on. For self employment you pay taxes 4/15 on the same return as any other income. Since there is no withholding, you make quarterly estimated payments toward what you'll owe in April. Figure you'll owe about 1/4 of your net income from your business, more if you make a lot. No you don't have to notify your part time job except to tell them you are quitting. Don't quit when you first get your website up, wait until you are sure you are making enough.
- MikeLv 42 months ago
The IRS wants you to estimate your taxes and pay as you go, four times a year.
In order to report your Social Security and Medicare taxes, you must file Schedule SE (Form 1040), Self-Employment Tax (PDF). Use the income or loss calculated on Schedule C or Schedule C-EZ to calculate the amount of Social Security and Medicare taxes you should have paid during the year.
- EvaLv 72 months ago
Taxes are based on your earnings (W2 + self employed) during the calendar year Jan 1 - Dec 31 and are due by April 15 of the following year. Estimated taxes are due April, June (not July), Sept, and Jan 15. You should sit down with an accountant now so they can show you what you need to keep track of.