Additional information:
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Live in Virginia
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Made all my money from graphic design, been living with my parents so I don't really have any tax deductibles I don't think.
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I grossed about $73k in that time frame. I calculated that with 22% federal income tax and 4.3% state tax, I owe about 19k. I can have 12k saved up by the time I go in and pay taxes on July 15 which is the next quarterly tax due date.
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I did pay off my entire student loan of $12k though, so not sure if that would help at all. I think the interest might be tax deductible? Not sure how much of that was interest though.
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2018 profit: about $10k
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2019 profit: about $43k
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1/1/20-5/31/20 profit: about 20k
How much do you think I'd owe in penalties? Will they give me a reasonable monthly payment to pay the back taxes(hopefully only about $7k) so I can live on my own without being so overburdened with bills?
Submitted June 04, 2020 at 08:01PM by traxfi https://ift.tt/3h5gxj4
