View Full Version : Quarterly Taxes
05-27-2001, 05:30 PM
Ok, here's my question. I'm a sole proprietorship and I've been told that I need to file taxes quarterly. Well, it's getting close to time to file and I had to let my quasi-accountant go. She was very unprofessional. So, I have no idea what to do for taxes other than file them. (Hope there are no IRS folks on this site. :D )
So how do I determine:
A) How much I need to file?
B) Where I send it?
C) How to double-check my numbers?
Thanks guys, I know these are simple questions for the majority of you but hey, that's why we're here, right?
05-27-2001, 06:10 PM
get another acct.
you could estimate by what you paid for the first quarter if your really in a bind untill you find one
05-27-2001, 08:02 PM
The first filing date for 2001 was April 15 and the next date is June 15. Now determine which types of taxes you need to file. Do you have any employees? If not, then your own estimated income tax, FICA and State income tax is probably all you have to deal with right now. Having said that, let me clearly state--I am not a CPA or financial advisor. Hiring a CPA to put you on track and help you understand exactly when and how to meet your tax obligations will be worth every dime he charges you. Trust me---dealing with the IRS is nobody's idea of a picnic and it doesn't take long for a tax mess to develop.
05-27-2001, 10:28 PM
If you have paid taxes in the past I assume you have an 04- #
Call your State Dept of Revenue and tell them you need form 1-es (this is for Mass. you may have a different name in your state) these are estimated tax forms. Call your nearest IRS office and tell them you need the 1040-ES forms and they should send them out to you. If they can't do it for another few weeks, go to the IRS website and download them, it's pretty easy. If you haven't made the April payment, don't sweat it. Make the June payment and if you filed last year, estimate your payment until you can hook up with a decent accountant. If it's your first year and you havent paid taxes before, you're probably not in the 39 % bracket so send the Fed a couple of thousand and the state
500 until you can get an accountant to figure it out. If you've got employees on the books, that's a whole different deal.
05-27-2001, 10:42 PM
The 1040-ES instructions will help you. Basically you need to estimate your income for the year, and pay the taxes due in four installments. You can use last year's tax as your estimate if you want, but if it is low compared to this year, you will have a heavy payment due when you file your 2001 form 1040.
If you have good records, you can just pay tax based on your actual net income for the tax period. Tax periods are Jan-Feb-Mar due on Apr 15, Apr-May due on Jun 15, Jun-Jul-Aug due on Sept 15, and rest of year due on Jan 15. Jan 15 payment can be skipped if you file your 1040 and pay all tax due by Jan 31.
Most states also require income tax payments on similar schedules.
05-30-2001, 01:24 AM
ok, i don't know how to do it all or anything, i geuss i got spoiled when it came to this part, my father is real good friends with the head of our citys tax department, so she did all the paper work and everything, and i just signed what needed to be signed. i send $100 every month, but that is for last years #s this year i'm exspecting myself to do 50k in sales, last year only did 10k but i still send $100 every 3 months, it should be around $300 or $400 i think but i'll just pay next year i geuss. and get it all straighten out then.
05-30-2001, 02:03 AM
Sorry, but "waiting until next year to straighten it out" will result in penalties for underpayment if you have been in business for more than a year. Try to send the correct amount when it is due or you will pay more later.
05-30-2001, 07:09 AM
Joshua, don't mess around with this stuff, get an accountant before you're in too deep.
05-30-2001, 12:12 PM
Can't you just tally up the taxable income and sales for the quarter and figure out the correct amount and send it in?? Then theres no problem next year?????
I don't see the big problem, the forms are farely easy in CT and they give out some sample filings and good brochures and help guides.
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