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self employed, putting away tax money
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hearing somewhere is a level or two worse than "my friend told me."  you need to do some planning to forecast your full year income and tax bill. in general, you should be filing a quarterly form and tax payment. you'll still reconcile the year with an april filing, but if you are looking to save up to pay a huge bill next year, you are looking at the potential of a penalty for under-withholding.  the instructions and payment coupons are available at the irs site.  at this point i'm required to offer the following advice - if you are making enough money that this even concerns you, you should consider starting to save for the future. a solo-401(k) or ira, or both. read more on these two accounts and ask separate questions, if you'd like.
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