Minor update Patreon Accountability

[rolanni]

For those playing along at home.

We received notification just a hair before midnight Eastern on May 5 that $1313.25 had been transferred to our checking account.  The deposit arrived this morning, May 7, having lost another $0.25, which was its just toll to the transfer company.

We have, yes, taken the tax money out first.  (I'm sorry for constant harping re tax money, but I can't stress enough, to any freelancers who happen to be following this:  Always take the tax money out first.  Do not think you'll be able to catch it up later; that way lies only tears.  Uncle Sam does not care how much you make; he only cares that you have paid taxes on every penny you have made.)

I think that ties up the last loose end.

Once again -- thank you all.

Comments

actual quote from IRS

[wynnsfolly.livejournal.com]

We were setting up a home business, and I called the help line for clarification on some questions, including how to calculate profitability for tax deposit purposes. Paraphrased slightly due to length of time since conversation, but I swear the last four words are exactly what he said.
"it does not matter how much of the money is profit, you make your deposits based on the money you take it. We are the IRS, we get ours first."

Fees vs. predictability

[amandamiller027.livejournal.com]

I would rather avoid fees, but on the other hand, you were talking about cash flow, rather than one-time donations, and I will probably not be consistent if it's not on a payment schedule. Should I go back to doing sporadic donations when I think about it, or would you rather pay fees but know the donation is part of the total you can count on? My intent is to make the total per year the same either way.