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How do I pay taxes when I get paid by cash?

Taxes! We hate paying them, so let's discuss maximizing tax deductions!

How do I pay taxes when I get paid by cash?

Postby goraidh61 » Wed Oct 03, 2012 5:08 pm

Where do I get the IRS' address or whatever or their address?

Thanks.
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How do I pay taxes when I get paid by cash?

Postby stiles » Wed Oct 03, 2012 5:09 pm

You go to a bank and open a tax account. Deposit money every time you are paid. Do not use this money for any other reason. Keep careful and accurate records of how much cash you are paid every payday.

Go to the IRS.GOV website and look at what records and accounting method they need so you can file your taxes at the end of the tax year. You should be depositing at least 25% of the take-home pay in this tax account--if you don't use it all you'll have had a nice little savings to use after your taxes are finally paid.
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How do I pay taxes when I get paid by cash?

Postby brenton » Wed Oct 03, 2012 5:28 pm

you make sure you keep track of how much and you will report it on sch C with your 1040
if the 'net' amount(income less business deductions) is $400 or more you will calculate your self employment tax on sch SE
all these are found at www.irs.gov as well as a very good publication to help you understand the tax system, a # 17
you can read it, down load it or order one a 1 800 829 3676
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How do I pay taxes when I get paid by cash?

Postby windham89 » Wed Oct 03, 2012 5:51 pm

IRS.GOV and download Sch C, instructions, SE, instructions, 1040, instructions and a free PUB 17 for good intel.
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How do I pay taxes when I get paid by cash?

Postby ocelfa18 » Wed Oct 03, 2012 5:56 pm

IRS.GOV and download Sch C, instructions, SE, instructions, 1040, instructions and a free PUB 17 for good intel.
You can write a check. Addresses are in the instruction books.
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