Originally Posted by wmuflyboy

I am considered an Independent Business Owner or Independent Contractor (i dont know if there is a difference) at the school that I teach at. My paycheck does not have taxes taken out of it obviously. I know that I am going to fill out some sort of 1099 form next year but thats about it. I have been saving about 25% of my paycheck to pay in for taxes. My question is what have you other CFIs in the same situation have done in the past?? I have heard that you should pay in quarterly instead of all at once to avoid a penalty fee for just paying once. But I also heard that this is not true. Any websites or advice on the right way to do these type of taxes would be appreciated. I know that we arent all tax professionals but anything helps. And no, not paying in at all is not an option haha!!


also, I was just wondering what is good stuff that I can use for deductions. I have been keeping my gas receipts, clothing for work receipts, and keeping track of my mileage. I was told anything related to your job can be deducted.