Moonlighting and taxes

[planet]

Does anyone have experience with moonlighting and how to avoid paying gobs in taxes?

[rainbabies]

[planet]

I'm not sure how you avoid the taxes. I think it involves jail time, but don't quote me on that. I just ran to the bank waving our moonlighting check like a madwoman. They usually cleared a path.

I missed you too Annie!

Check with migirl on her off-shore accounts.

When I did contracted employment, I held back half for taxes until I got my quarterly tax groove going. Then it was about a third. There are some paycheck calculators sticked at the top of this forum and that might be a place to start. The social security withholding can be different so heads up on that.

[planet]

Ok, found this on sdn:
http://www.mdtaxes.com/
and I like this part:
http://www.mdtaxes.com/mdbusexp.html

[Deebs]

Do you think this means I can write off my new washer and dryer? I did take scrub washing into consideration with my decision, and I wash quite a few of them. And, what about the detergent? It all sounds like fair game to me...

We did bump ourselves up a tax bracket with moonlighting, BUT, it was worth it. Just made sure we had enough withheld so that we didn't end up owing. Then, I made DH do a tax "estimate" quarterly to make sure he wasn't moonlighting too much in order to not go up another bracket. His program requires that moonlighting falls within the EM workrules (with the consequence of termination), so he never got to a point where he would have moved us too far above our regular income and really kill us in taxes.

[migirl]

Check with migirl on her off-shore accounts.

Hey, those are secret off-shore accounts...