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Thread: Taxes, please help, missed quarterly??

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    Default Taxes, please help, missed quarterly??

    I've read the post where Sep-Dec earnings should have tax payments due in January. For, some reason, I thought I would just have to pay in April. So is it still okay to send in a estimated tax payment from my Sep-March earnings? I was just going to use Turbo Tax online today & send in the check on April 14.

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    Default Re: Taxes, please help, missed quarterly??

    Yes it's OK. If this is your first year as an independent contractor you won't even have to pay a penalty. Just make sure that you send two forms and two checks. One will be for the 2007 tax return (which covers taxes due on income earned from Sep through Dec 2007) and will go out along with your 2007 1040 tax return. The other will be another check for estimated taxes (on earnings from Jan through March 2008 ) which will go out along with a 2008 1040-ES estimated tax voucher.

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    Default Re: Taxes, please help, missed quarterly??

    Sorry, i'm confused now. So, I if I fill out the 1040 form & mail it with my check, would I not need to use Turbo Tax anymore?? I know I have to pay the federal, self-employed, & state tax...so do I just print out forms & fill it out, or do I use Turbo Tax?

    Also, if I mail out the check on April 14 or the 15th, but it doesn't arrive to wherever until the 20th or something, will that be considered late?

    By the way, thank you for all your advice. You're amazing!

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    Default Re: Taxes, please help, missed quarterly??

    Either one. What Turbo Tax does is file your 1040 and related forms online. So either using it or filling out the forms as hard copy accomplishes the same thing.

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    Default Re: Taxes, please help, missed quarterly??

    I think that the confusion is stemming from the existance of two different tax 'years'. You can use TurboTax to prepare a 1040 with Schedule C for tax year 2007 ... which covers taxes due on your earnings up to the end of last December. This 2007 tax return, and the check for taxes due, needs to get sent to the IRS by tomorrow.

    You can also use TurboTax to print out a first quarter 2008 1040-ES estimated tax form, or you can simply print one out off the IRS website. This form, which is only a 'ticket' measuring about 3" high by 8" wide, also needs to get sent to the IRS by tomorrow along with a second check to cover estimated taxes due on your January through March 2008 earnings. I would mail this separately to avoid any confusion on the IRS's part as to the purpose of the money in the second check.

    It is technically possible to combine these and send everything in one envelope with one check, but this involves a risk. Suppose for example that the IRS decides that some of the deductions on your 2007 tax return should not be allowed, or that your reported earnings on your 2007 tax return are lower than the amount that you actually earned. If that were the case, if you sent all of the money for 2007 actual taxes plus 2008 estimated taxes together, the IRS could choose to apply the money you sent in for 1st quarter 2008 estimated taxes towards any 'deficiency' they may contend exists in your 2007 tax payment, rather than towards 2008 estimated taxes.

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    Default Re: Taxes, please help, missed quarterly??

    Just a few more questions.

    Is the self employment tax 15% or 15.3%?

    Also, a while back you said "Taking a wild guess that you are single, that you have no other sources of income earlier in the year, that you have no dependents (children), you'll probably wind up owing 11% in federal income tax = $1100. However, the IRS allows a $5150 standard deduction, meaning that you won't owe any federal income taxes for 2007."

    So, if I made $8000 total for sep-dec then I would be exempt for 2007 federal income taxes? But, what about from jan-mar? I barely worked.

    Thanks!!!

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    Default Re: Taxes, please help, missed quarterly??

    What category on the deductions do you put your house fees in?

    Also, the same with work outfits, beauty, etc?

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    Default Re: Taxes, please help, missed quarterly??

    And is it okay to put "independent contractor" as your profession or do you have to put "entertainer"???

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    Default Re: Taxes, please help, missed quarterly??

    15.3% of your 'adjusted' gross income.

    as to your profession, pick a 6 digit IRS code that applies best

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