Do I Have To File Quarterly?
I have been in business for 6 months now and have not yet filed as I'm still trying to figure it out (just bought Tom's book and read it in 2 days, I LOVE doing taxes! Weird, I know!) I was planning to do it at the end of the year, am I allowed to do that? Are there penalties for not filing quarterly?
And, can I still do my taxes on TurboTax Online??? |
Originally Posted by glenechogirl: |
Filing quarterly
There will be a penalty for not filing until the end of the year if you owe more than 10% of your taxes for the year.
You should be paying in at least 90% of the taxes you owe each quarter. This can be done if you are married by having your spouse withhold enough to cover you. Most married providers fall into this category. If you are single, then you must file quarterly. |
Thanks Tom, how do I know how much extra my husband request to be paying in?
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Estimated taxes
Originally Posted by glenechogirl: |
That would depend on the business type and the area you are on. On my places, there are some clauses that would allow you to set things up on a yearly basis which works really well for me. Saves you the hassle and would make things appear better from all sides of the coin. Only downside is that you need to be really sure about everything just like that.
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My husband works for Goodwill (as a support staff for DD individuals) and for some reason despite the number of dependants he claims they are taking ZERO in federal taxes from his paycheck. State and local come out but NOTHING for federal. Any idea why this is???? And I'm worried we'll get SLAMMED at year's end when nothing has been taken out in taxes and at least I will owe from daycare income.
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Estimated taxes
Originally Posted by glenechogirl: It's possible that your husband's income is low, you have a lot of dependants and other personal expenses, and your business income is low, that you may not owe federal income taxes. Unlikely, but possible. In any case, he should follow up on this asap. |
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