Is there a good website or online resource that has a "guide" so to speak on how to handle quarterly taxes? Specifically when you have a spouse that works outside the home and file jointly. I have to be in business over a year, which I have, to estimate taxes and really that's about all i know. I haven't looked at the quarterly tax paperwork so maybe that will clear some things up but taxes are super confusing and stressful to me (and probably everyone else too!)
I know if DH withholds more in theory it should prevent us from having penalties but pay cuts and lay offs are on the horizon for my husband's company and I'd rather be ahead of the game than behind, if that makes sense. I'm not sure it's something I'll be doing but I'd like to know more about it.
Thanks!
TomCopeland 10:24 AM 01-11-2013
I assume you are looking ahead to 2013 and are uncertain about how to pay estimated taxes. Yes? Your first estimated tax payment for 2013 is April 15, 2013. This covers the first three months of the year. So, on April 1st you add up how much money you and your spouse earned for the first three months, and pay taxes based on this income. As your income rises or fall throughout the year, you can adjust up or down your estimated tax payment.
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I was meaning looking ahead to 2013. Thanks so much Tom. If my husband loses his job then I have to file quarterly anyway right?
Because I'm adding his income to mine to estimate the taxes does it also take his withholdings into account or do we pay the esimate and the withholdings from his check?
TomCopeland 07:41 AM 01-12-2013
Originally Posted by Lyss:
I was meaning looking ahead to 2013. Thanks so much Tom. If my husband loses his job then I have to file quarterly anyway right?
Because I'm adding his income to mine to estimate the taxes does it also take his withholdings into account or do we pay the esimate and the withholdings from his check?
If your husband loses his job you must file estimated taxes because otherwise there would be no withholding of any taxes in your family. When you do estimate your taxes, you do take into account any money your husband earned and the amount withheld from his taxes.