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Ask Dave

Total To Take Out For Taxes?

Stuart wants to be careful about one of his jobs, because all he gets is a 1099 form and he needs to take out the taxes. How much should he hold?

QUESTION: Stuart and his wife are both working 3 jobs. One of his jobs doesn’t take the taxes out and gives him a 1099 form. How much of that should he save toward taxes?

ANSWER: Take a fourth out. That may be a little too much, but better too much than too little when it comes to takes. Open a separate savings account and throw that money in there. You could also do quarterly estimates as well.

Tax Pro or File Your Own?

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Tax Pro or File Your Own?

Use this free quiz to help you decide which tax filing method is right for you.
 
Take the Quiz

Tax Pro or File Your Own?

Use this free quiz to help you decide which tax filing method is right for you.
 
Take the Quiz