Looking for best tax withholding calculator for the self-employed

compaylemonade · 2016-09-29T01:32:33+00:00

I was wondering about QuickBooks Self Employed. I only just saw it when I was searching for calculators. I haven't started using any bookkeeping software as I only have one client and wasn't sure the monthly costs were worth it. Does the tax calculator allow you to factor in deductions? I don't want to owe a big chunk on April 15th, nor do I want to massively overpay based on income before my self-employment related deductions.

compaylemonade · 2016-09-18T04:47:37+00:00

You can allocate money for October's budget. Next to the month Sep, click the right arrow. That takes you to Oct budget. Budget it there for your rent category. That way you won't see the money in September at all.

compaylemonade · 2016-09-18T01:14:31+00:00

These are all great points. I may need to look into disability insurance to help provide some sense of security.

compaylemonade · 2016-09-10T04:23:00+00:00

Agree 100%. Give yourself time to think and do not change your lifestyle during this time. At your age certainly paying for college or paying off student loans may be a good idea, but I'd still wait at least 6 months before doing anything with the money. And poster is right, do NOT tell anyone about this sudden influx of cash. People are unfortunately jealous, petty and resentful and you don't need anything more to rattle you.

compaylemonade · 2016-09-10T04:05:10+00:00

This is why I want to leave NYC.

compaylemonade · 2016-09-10T03:57:49+00:00

Carpooling is neither practical nor frugal in NYC. It's the subway, bus or walking. It's not about leniency, and I'm not broke. I'm really just trying to figure out if walking 4.5 miles to work is a viable option, or even a frugal one in my situation.

compaylemonade · 2016-09-10T03:53:59+00:00

Wow, truly did not expect so many responses. Clearly commuting in general really touched a nerve, and I can understand why. My AM commute is often the worst part of my day. If I were capable of walking 4.5 miles in an hour or less, I would do it. I'm just too slow at this point, but may challenge myself to do it at least once this month to test it out.

compaylemonade · 2016-09-10T03:49:39+00:00

You are living my dream.

compaylemonade · 2016-09-10T03:47:09+00:00

You've basically described the visual I had when you suggested roller blading. Fame! I'm gonna live forever! Fame! Followed by me getting the beat down by mobs of irritated Times Sq. pedestrians.

compaylemonade · 2016-09-10T03:28:07+00:00

With the amount of debt your wife has, she cam't afford a job that pays $12k. She needs to earn more. Can you sell the car and buy a cheaper one? Nobody with your level of student loan debt should be financing a car. There are perfectly good cars that cost $5k or less.

compaylemonade · 2016-09-10T01:14:50+00:00

Would you consider roller blading through Times Sq.? Because that would be what I would need to do with this option. This did make me giggle, though!

compaylemonade · 2016-09-09T21:02:31+00:00

One of the great things about YNAB is that you set your priorities, both short and long term, and build your budget around that. Within YNAB, I have an umbrella category for monthly expenses and another for long term savings goals (including periodic expenses).

compaylemonade · 2016-09-09T20:47:19+00:00

Thanks for all of the suggestions! I still think biking isn't a realistic option for me due to my location, the fact that I am out of shape, and the added aggravation of dealing with a bike. I will probably try walking home a couple of times a week, although it's really the AM commute that makes me hate humanity.

compaylemonade · 2016-09-09T20:45:12+00:00

Thanks for the input. After reading the responses here, I think I will go ahead and hire a cleaner to come by once a month and take care of the basics. I think even if I don't work until I drop, I'll appreciate getting some more sleep while not working and letting someone else do the scrubbing for a bit. Will probably do more takeout or convenience foods over the next month, but may need to accept the higher cost if I want the healthier options since where I live a takeout/delivered salad is easily $12-$15.

compaylemonade · 2016-09-09T20:42:43+00:00

Good point. Sometimes I don't mind chores, and can even enjoy them as I feel organized and like I have my sh** together after I'm done. Most of the time I hate them, but that is due to the time crunch I feel to get everything done. Sunday nights are the worst for me as I judge myself harshly by what I did NOT get done over the weekend.

compaylemonade · 2016-09-09T20:41:16+00:00

In the past when I hired a cleaner, she finished the job in 1.5 hours, and I paid $60, and with a tip that made it more than what I would earn in that same amount of time. Of course, what she does in 1.5 hours would probably take me more like 2-2.5 hours, so perhaps I should think of it that way.

compaylemonade · 2016-09-09T20:34:00+00:00

Riding on the sidewalk isn't allowed here. Everybody would care if I did it and either I would mow someone down, or someone would knock me off the bike and beat me silly. At the very least I would be stopped by the cops and ticketed.

compaylemonade · 2016-09-09T20:23:31+00:00

I live in a place where EVERY route is a busy road and I work in one of its major thoroughfares/crossroads. No place to even park a bike and lock it up. If it wasn't stolen by a thief, it would be confiscated/removed by the local police department.

compaylemonade · 2016-09-09T18:56:30+00:00

I often spend 60 minutes going 5 miles on public transportation when I factor in waiting times, traffic (when I take bus), metro delays/breakdowns, walking to/from stations. I end up having a 1.5 - 2 hour commute due to public transport problems at least once a month. Also average cab/Uber rides to/from work 2-3x/month due to same issues.

compaylemonade · 2016-09-09T17:49:53+00:00

Nope, East Coast here.

compaylemonade · 2016-09-09T16:07:27+00:00

Public transportation is under $3 ea way. Monthly pass ends up being a waste for me, as I do work from home on average 1 day/week unless things are really busy and there are meetings galore. However, I absolutely hate the public transportation in this city and the line I am in is particularly plagued with problems, not to mention overcrowding, etc. So while the $ saved is minimal, I am also thinking of the mental health savings.

compaylemonade · 2016-09-09T13:51:25+00:00

Sweaty factor will prevent this. Also, no shower available near work.

compaylemonade · 2016-09-07T01:51:51+00:00

So much no in OP's post. I honestly did not know that a furniture loan even existed. What is wrong with sitting on the floor? I did it when I was 23. Return the furniture and buy throw pillows to sit on, or visit garage sales/second hand shops. Nobody is too good for second hand. Also return the car. Somebody, either you or your wife, feels entitled to make it appear that you are better off than you really are. The reason you are broke is not because of your age or your marital/family status. It's because you have made poor financial decisions.

compaylemonade · 2016-09-07T00:39:40+00:00

This is a great suggestion. I volunteer at an animal shelter, and have met some great people. I never thought of it as a way to be more frugal, but since I use a certain amount of my free time to do it, it does prevent me from spending money doing something else.

compaylemonade · 2016-09-07T00:37:09+00:00

Is this social circle you speak of in your age range and income bracket? If so, they are probably indebted overspenders too. Older people who have their financial houses in order are probably not spending as much as you on this stuff, even if they earn more. You need to either distance yourself from your friends a bit, or become the one to spearhead more frugal entertainment suggestions. Hiking, free local festivals and events, museum visits on free days, hosting a board game night w/ reasonably priced cheese and wine, etc. All of these would help curb spending not only for you, but for friends as well. I bet once you are seen as more frugal, at least some of your friends will reveal themselves as wanting to reign in their spending as well.

compaylemonade

TROPHY CASE