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Old 10-24-2010 | 01:44 PM
  #28  
208FLYBOY1
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Joined: Mar 2009
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Originally Posted by 1wrangler
I'm just getting into doing contract flying and am wondering how I should do my taxes this next year. Any insight out there? How do you guys do it?
Quarterlies every 13 weeks...just get hooked up with an accountant and set aside 30% for taxes. Keep all of your receipts and write off as much as possible. I used to write off approximately 40% of my general expenses and much more on large ticket items that were "categorically an expense of the occupation" (i.e. buy those new headsets you wanted at the end of the year, etc.).
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