Comments on: Quarterly Taxes Due Friday, June 15th http://www.fivecentnickel.com/2007/06/12/quarterly-taxes-due-friday-june-15th/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 22:51:28 -0500 http://wordpress.org/?v=abc hourly 1 By: Pat Firestone http://www.fivecentnickel.com/2007/06/12/quarterly-taxes-due-friday-june-15th/comment-page-1/#comment-132211 Pat Firestone Sun, 07 Jun 2009 17:01:13 +0000 http://www.fivecentnickel.com/2007/06/12/quarterly-taxes-due-friday-june-15th/#comment-132211 I am a consultant and planned on paying quarterly taxes on my income (sole prop). I paid Q1 on time. Then, I decided to incorporate in mid-April. SO, I have no more income to pay quarterly on (it'll be taxed normally out of the corp). Do I still have to make the quarterly payments I THOUGHT I'd need to make at the beginning of the year? I am a consultant and planned on paying quarterly taxes on my income (sole prop). I paid Q1 on time. Then, I decided to incorporate in mid-April. SO, I have no more income to pay quarterly on (it’ll be taxed normally out of the corp). Do I still have to make the quarterly payments I THOUGHT I’d need to make at the beginning of the year?

]]> By: Joe http://www.fivecentnickel.com/2007/06/12/quarterly-taxes-due-friday-june-15th/comment-page-1/#comment-78154 Joe Mon, 18 Jun 2007 04:05:43 +0000 http://www.fivecentnickel.com/2007/06/12/quarterly-taxes-due-friday-june-15th/#comment-78154 Thanks for the insight nickel! I appreciate it. My revenue in my side business compared to my 'real job' is not significant enough yet to make a dent in my withholding, so I'm safe till next quarter.... Thanks for the insight nickel! I appreciate it. My revenue in my side business compared to my ‘real job’ is not significant enough yet to make a dent in my withholding, so I’m safe till next quarter….

]]> By: nickel http://www.fivecentnickel.com/2007/06/12/quarterly-taxes-due-friday-june-15th/comment-page-1/#comment-78142 nickel Fri, 15 Jun 2007 13:55:56 +0000 http://www.fivecentnickel.com/2007/06/12/quarterly-taxes-due-friday-june-15th/#comment-78142 The only way to know for sure is to work through the 1040-ES worksheet. It's based on projected income, and I always project forward based on YTD earnings. I'm assuming that if you have a regular job, your withholding is sufficient to cover the taxes due without incurring a penalty. Thus, if you haven't really had any other income (yet), you probably won't need to file quarterly (yet). There are definitely cases in which someone's income goes up mid-year, and they have to start filing for, say, the 3rd and 4th quarter even though they didn't pay in for the 1st and 2nd quarter. The only way to know for sure is to work through the 1040-ES worksheet. It’s based on projected income, and I always project forward based on YTD earnings. I’m assuming that if you have a regular job, your withholding is sufficient to cover the taxes due without incurring a penalty. Thus, if you haven’t really had any other income (yet), you probably won’t need to file quarterly (yet). There are definitely cases in which someone’s income goes up mid-year, and they have to start filing for, say, the 3rd and 4th quarter even though they didn’t pay in for the 1st and 2nd quarter.

]]> By: Joe http://www.fivecentnickel.com/2007/06/12/quarterly-taxes-due-friday-june-15th/comment-page-1/#comment-78141 Joe Fri, 15 Jun 2007 13:25:49 +0000 http://www.fivecentnickel.com/2007/06/12/quarterly-taxes-due-friday-june-15th/#comment-78141 Nickel, do you know if you have to file quarterlys if you don't show a profit for the quarter? I just started a new business venture in Q2 and it hasn't turned a profit yet.... hopefully next quarter! Nickel,

do you know if you have to file quarterlys if you don’t show a profit for the quarter? I just started a new business venture in Q2 and it hasn’t turned a profit yet…. hopefully next quarter!

]]> By: Adam http://www.fivecentnickel.com/2007/06/12/quarterly-taxes-due-friday-june-15th/comment-page-1/#comment-78078 Adam Wed, 13 Jun 2007 04:41:55 +0000 http://www.fivecentnickel.com/2007/06/12/quarterly-taxes-due-friday-june-15th/#comment-78078 Your post (and your post alone) made me realize that I need to re-evaluate my taxes in light of some changes at work, and do the estimated-tax thing. I wouldn't have thought to do so otherwise. Thanks! Your post (and your post alone) made me realize that I need to re-evaluate my taxes in light of some changes at work, and do the estimated-tax thing. I wouldn’t have thought to do so otherwise. Thanks!

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