The Small Business Tax Help Blog

Question: Quarterly Taxes for an Independent Contractor?

Hi guys.
I just started work as a contractor for a private company in March.

What do I need to do about taxes?

I’ve heard that I can incorporate myself and be in a different bracket.

What I really need to know (I’m fresh out of college!! ) is when I need to start filing? I’ve been taking about 30% from my checks and putting it in my savings – I’m a single female and a renter.

Any tips/help/info or direction would be appreciated. Thank you.

Also – I have been paying on student loans – will this have any effect?

Answer: Go look at what your taxes were last year, and pay 1/4 of that amount quarterly as your estimated payment, so you won't be fined. Next year you will have a better handle on what you should be paying in estimated taxes. Your least favorite Uncle will send you a form to help you figure it out.

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