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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.
"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.
