Q: Do you set aside money for taxes?

dealwagger
10
Just wondering what all of you do to compensate for the fact that we are not with-held any taxes on dealplus? I know if we make more than $600/yr we get a W9 to send in and will have to pay taxes. With how modestly well I've done, I think this might actually happen for me! 
dealwagger posted Apr 10, 2012
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maven3
Congrats! I'm glad you've been able to make a tidy side income.

I'd look here:
http://www.irs.gov/individuals/article/0,,id=96196,00.html

Since it depends on how much you make, it's probably easiest to just use the IRS calculator in the link above. Alternatively, you could run it by your accountant if you use one, and see what they suggest.
maven3 (rep: 5.23k) posted Apr 10, 2012
10
dealwagger
Good idea, I will try and figure that out! :)
dealwagger (rep: 10.2k) posted Apr 10, 2012
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krmills1
Does DP notify us that we need to send in a W9 or how exactly does that work?
krmills1 (rep: 14.2k) posted Apr 10, 2012
10
dealwagger
"Also note that if you make over $600 for the year, you'll need to send a W-9 to info@dealspl.us or fax it to (609) 543-0968"

That's all I found. I hope they send us the form b/c I will probably not remember to do that and I won't know when to. Any mods/experienced users have input on this?
dealwagger (rep: 10.2k) posted Apr 10, 2012
00
erick99
I usually get a refund but this year my youngest was 17 so I didn't get a credit I usually get. But, I didn't expect to owe $3,000. It was a heck of shock.
erick99 (rep: 17.2k) posted Apr 10, 2012
10
dealwagger
Ooff. It sucks to owe money so at my main job I am not claiming any exceptions & hopefully I will get money back to put towards paying off ye ol' student loans. :)
dealwagger (rep: 10.2k) posted Apr 10, 2012
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