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Daycare and Taxes>1040-ES (Estimated Taxes)
actaktmdt 07:26 AM 03-22-2011
Just curious, how many of you pay estimated taxes? 2010 was my first year in operations and i started my daycare business in the middle of the year. I did not pay estimated taxes in 2010 because we were confident we would not owe any taxes but get a refund for 2010 which turned out to be the case. Now I am wondering if I need to start paying in 2011 just to be safe even though, all things remaining constant, we should continue not to owe at the end of the year. How many of you dont pay estimated taxes?
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TomCopeland 07:34 AM 03-22-2011
The general rule is that you need to pay in at least 90% of the taxes your family owes each quarter of the year. Most providers who are married don't pay quarterly estimated taxes because their husband withholds enough. If you got a refund last year and don't expect any major changes this year, you shouldn't worry about filing quarterly estimated taxes.
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