Keep in mind, these are accounting tips for someone who's got a full time job and starting a business on the side.
With a full time job, you get taxed on your normal paycheck and on April 15th you pay the gov't the taxes you owe from your side business (if your withholdings weren't enough to cover tax liability).
If you don't have a full time job, you've gotta pay quarterly estimated taxes or pay interest on what you owe later on.
Also keep in mind, I'm not an accountant but the guy who gave these tips is one.
With a full time job, you get taxed on your normal paycheck and on April 15th you pay the gov't the taxes you owe from your side business (if your withholdings weren't enough to cover tax liability).
If you don't have a full time job, you've gotta pay quarterly estimated taxes or pay interest on what you owe later on.
Also keep in mind, I'm not an accountant but the guy who gave these tips is one.