Join  |  Login  |   Cart    

Notary Rotary
Welcome to Notary Rotary Find a Notary Notary Forum Become a Notary and Find Notary Classes Notary Insurance Notary Supplies Notary Resources  
 
Just PoliticsLeisure
Welcome to the Notary Talk General Discussion Forum. Before posting, please read the

You are replying to this message:
 Answer to a possibly different question
Posted by  Saul Leibowitz on 3/30/15 5:25pm

I read your question to mean "how much should I set aside out of each closing fee so that I will not be short on funds to pay my taxes next year when I file." Obviously, one should talk to a good CPA when one files and also for advice to go forward.
My best rule of thumb for the question the way I stated it is, since you have withholding on your job, the safe thing to do ids set aside 25% of each fee in a separate holding/savings account until next year's taxes are ready for filing [2015 taxes filed in April 2016]. If that is a significant overhold, reduce for the next year until you get it right. However, follow your CPA's advice if different from mine.
GOOD LUCK!
Important Notice

At this time, you must be signed-in to Post a Message to the Notary Talk Discussion Forum.

In order to sign-in, you must have a Notary Rotary™ membership. Basic Membership is free. Basic Members should update their profiles at least every 6 months to prevent them from being deleted.

If you do not already have a membership, click the Join link above. After creating your profile, you should log in and update it from the My Profile page. If you do not want your information displayed to others (e.g. advertised under Find a Notary), you can hide it by checking the "Hide profile from searches" box.

If you already have a profile, click the Login link above to sign-on. If you have forgotten your password, follow the directions on the login page.

 
Find a Notary   Notary Supplies   Terms   Privacy Statement   Help/FAQ   About   Contact Us   Archive  
 
Notary Rotary™ is a trademark of Notary Rotary. Copyright © 2002-2024, Notary Rotary, Inc.  All rights reserved.
500 New York Ave, Des Moines, IA 50313.