Reply by mcg1990

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Posted on Personal question - how do you separate your money for taxes?

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159 posts in 1776 days

#1 posted 03-03-2015 02:26 AM

Thanks everyone. Prior to writing this I did have one meeting with an accountant but it was all so new, so I didn’t know what questions to ask. I had another phone call with him earlier, however, and got a lot of remaining questions answered. The level of tax we pay is quite daunting, but I feel more comfortable with the process now. As WoodenOyster said, it seems to be a matter of putting aside 35-40% for taxes and making sure you’re happy with what you have left.

In my wife’s previous relationship she co-owned a farm and she handled all the taxes herself using Quicken. She’s supportive of my venture, though it is her income currently supporting us, and she’s adamant that we don’t need an accountant ($300 per quarter, which I’m sure is reasonable but tough to justify when just starting up).

Do many full time woodworkers do their own taxes? I definitely trust my wife – she’s a teacher and has done this before, so she’s well qualified – but just like when I was wiring my shop and people would only ever tell me “HIRE AN ELECTRICIAN!” are people just as insistent upon paying for an accountant?

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