Hi, I receive some income for work as an independent contractor. None of this income is withheld by my employer for taxes.
I receive 100% of the income into my bank account and this registers a transaction in Tiller.
What is the best method for tracking tax liability in Tiller?
Should I just split the income transaction into 2 separate transactions?
#1. Contractor Paycheck (Type: Income)
#2. Tax (Type: Liability)
When I ultimately pay my outstanding taxes, would I classify the tax payment transaction as a negative liability?