Planning Ahead

byamworking1

191 followers

7 years ago

With Wealthy Affiliates you are your own boss! You set your hours. You decide what you present and who your target audience is. So far on this page, I have provided needed United States Federal Tax information about how to pre pay your taxes for the year 2020. It is imporant that you make estimated tax payments as an independent business owner or you will be stuck with a tax bill on April 15th 2020.

With the 1040 return you can write off business expenses and reclaim some of what you estimated in 2019. The great thing about this is that you do not have to pay in until you are actually receiving revenue. In my opinion, it is better to pay in advance and get a refund, than it is to do nothing and have a huge debt. But how you handle your taxes is up to you.

I am fortunate that I live in a state without state taxes, However, I have lived in a state before that did have state income tax. It will be up to you to research your state and develop a plan on how to meet their requirements once the income starts coming in.

You can do this full time, or as a secondary source of income for you. The internet works and keeps the pages and tracking for you, even while you are offline managing other issues. Good luck on your new adventure in this online community..