I am starting to get behind on taxes for my business and in an effort to catch up I'm putting profit towards the taxes. Where can I store it other than my bank? I'm worried I will spend the money, I heard somewhere I can begin adding money to a taxes account to apply towards my taxes at the end of the year. Any tips, or ideas?

Also I have employers out of state, Boston and Atlanta.

  • If you are getting behind on taxes then either you are not actually making the profit you think you are making, or you are taking money out of the business that you shouldn't be taking out. – gnasher729 May 2 '15 at 16:50

"Hearing somewhere" is a level or two worse than "my friend told me."

You need to do some planning to forecast your full year income and tax bill. In general, you should be filing a quarterly form and tax payment. You'll still reconcile the year with an April filing, but if you are looking to save up to pay a huge bill next year, you are looking at the potential of a penalty for under-withholding.

The instructions and payment coupons are available at the IRS site.

At this point I'm required to offer the following advice - If you are making enough money that this even concerns you, you should consider starting to save for the future. A Solo-401(k) or IRA, or both. Read more on these two accounts and ask separate questions, if you'd like.

  • not to mention that three states may be involved in this tax year. – mhoran_psprep May 1 '15 at 14:18
  • You just did. Good point. – JTP - Apologise to Monica May 1 '15 at 16:11
  • Okay how can I go about filing quarterly I am only 17. – Austin Sweat May 2 '15 at 1:56
  • I added a link to the IRS document offering instructions and payment coupons. – JTP - Apologise to Monica May 2 '15 at 2:48
  • @AustinSweat you're a minor, and you need your parents to help you with this. – littleadv May 2 '15 at 6:26

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