For the first time in my life, I have to send in quarterly estimated tax payments. Good old No Credit Needed is making a little money, and I need to declare that fact to the IRS. I’ll have to use form 1040-ES (PDF) or I can use the Electronic Federal Tax Payment System to electronically send in my payments. I’ve never had to report self-employment income, so this will be brand new for me. I’ve actually begun the process of creating an LLC, but for now, I’ll continue to run the site as a sole proprietor.
Special thanks to Jim from Blueprint For Financial Prosperity and Michael from Debtspiration for their help in educating me about this particular topic!
Also, in blogging-related-news, Flexo over at Consumerism Commentary is conducting a survey of his readers. Take a second to fill out the survey. Consumerism Commentary is a great site, and Flexo’s a good friend.
Finally, the No Credit Needed Podcast will host Monday’s Carnival of Debt Reduction. Click here to read more!
Edit:Â After posting this article, I realized that I did not mention quartlerly state taxes.Â I’ll have to fill out form Georgia form 500ES (PDF) or I could use Georgia’s electronic payment system, but the electronic system appears to require that I use a CREDIT CARD.Â (Irony = NCN using credit card to pay taxes for website income!)Â Plus, the electronic system charges a “nominal” fees.Â Looks like I’ll be “old school” and use a stamp.