Pay Taxes immediatley on Fees?

This is my first full year in independent recruiting after 10 years working for a company. I have made a number of placements this year and am just looking for tips, suggestions and advice as it relates to paying taxes.

I found it difficult to pay taxes immediately upon cash-in in the beginning because I wasn't sure when I'd get my next deal, so II set 40% aside in a savings account.

Tags: Accounting, Fees, Recruiting, Taxes

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Permalink Reply by Sandra McCartt on October 5, 2010 at 8:26pm

I escrow in a tax account as you are doing. If the tax liability is less than what i have in the tax account i use that to make estimated payments for the next year. Get ahead of Uncle Sugar a little bit. But i do the same as each placement comes in even when i am ahead of the ole boy. At least i get a little tiny bit of interest on it instead of giving uncle the use of my money for a full year before i owe it.

Pay Taxes immediatley on Fees?

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