Wild guess between now and April I sell either my Zeiss 21 or Canon 100-400L to help pay my taxes. One of these years I'll learn to pay the quarterly estimates(like it matters). God I love 15% self employment tax, sigh. But yeah yay for all the deductions being self employed. If I was getting money a Samyang TS 24 might be in order when it is out. Gas money instead would probably serve more use however.
If you don't have one, you need to look into filing for a subchapter "S" corp. Using that, you don't have to pay the 15% SE taxes (SS and medicare) on all
of your billable funds coming in.<P>
With S corp...you pay yourself a 'reasonable' salary (talk with CPA, IRS is vague on this, but not hard to figure out)....and you only pay SE taxes on that salary portion, the rest falls through at EOY on personal income and you just pay state and fed taxes on that.
For example, you bill out $100K. You pay yourself a reasonable salary of like $25K or so.
You pay SE taxes only on that $25K...at EOY the remaining $75K comes in through your personal taxes minus all your deductions, etc.
This is one great way to save a bit more of your tax money for yourself. Just get with a CPA and figure out what a 'reasonable' salary is. You needn't be greedy...it all works out.