Chatter Box 01:50 PM 04-25-2013
So this was my first year doing my taxes for my daycare. I was sooo nervous! I had been saving quite a bit. I had a hunk saved and braced myself... She told me we would be getting back twice the amount I had saved. Not sure if that's because we have also a rental property we bought a new ac furnace and water heater for, ect. Plus start up daycare costs. So I'm finally replacing the dishwasher with a top of the line dishwasher. I have been dying to get a new one for three years. paid off my car and some other debt and haven't even touched what I had saved. Not planning to. My accountant said I probably don't need to worry about paying quarterly taxes since I got so much back.
Really?! So... Is this typical? Is it normal to get a credit? I'm going to keep saving like I have been but I'm nervous about not paying into taxes at all. And what about social security? I haven't asked her about that. Does the accountant file that or do you do it somewhere else? How do you calculate it?
MyAngels 03:15 PM 04-25-2013
It's not typical for me, I almost always owe at least something, but I don't have rental properties, either. If you feel like your accountant has a good grasp of all of your financial affairs as they relate to taxes then I'd trust what he/she tells you.
Social Security is paid by your self-employment tax - in effect you are paying what an employer would withhold and their portion, too. That's calculated on the tax return itself (Schedule SE).
Wow, that is so lucky! Doesn't work that way for me.
blandino 05:03 PM 04-25-2013
Definitely not typical ! In 11 years, we have gotten a refund twice.
Nice! I wish it worked out that way for me! I would say also that if you trust your accountant, then I wouldn't worry about paying in unless you find yourself making more and not spending as much. Maybe still save some just in case
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