094R | The logistics of estimating and paying taxes as an entrepreneur, Brad's frugal win of the week, and emails from the ChooseFI community.
- Brad and Jonathan are at FinCon in Orlando, Fl.
- Brad describes his family's frugal win of the week at Old Navy.
- Review of the tax implications of winning a non-cash prize.
- How do some entrepreneurs put themselves in a position to fail because of taxes?
- Case study: how to make estimated tax payments as a new entrepreneur.
- Brad wants to pay the least amount of money in taxes, but ensure that he definitely pays the minimum amount to avoid incurring penalties.
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- Knowing due dates and technicalities is important.
- It's key to have money set aside in case you do owe more at the end of the year.
- What is the safe harbor provision?
- If you have blended W2 and non-W2 incomes, you do have to estimate based on previous pay stubs.
- Why would someone owe payroll tax?
- Brad uses a different bank account to reserve money he thinks he'll need for taxes, and uses an eftps.gov account to submit his taxes.
- It's important to know that you'll owe a lot of money on April 15 every year.
- Email from Ally reporting two life wins:
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- Keeping an inventory for what's in her freezer by writing on the front like a white board.
- Using checkboxes to keep track of the three things she accomplishes every day.
- Is FI getting to the UK?
- Playing with FIRE documentary has been submitted the film to Sundance.
- Scott, writes an email, to explain how pursuing financial independence and information from ChooseFI has changed his life.
Links:
"How to retire in your FORTIES without earning a fortune" – Daily Mail
