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Thread: Estimated tax payment question...

  1. #1
    Featured Member MsClaireVoyant's Avatar
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    Duh Estimated tax payment question...

    I was reading on one of the forms that you only are expected to send in your estimated tax payment, as a self employed person, if you expect what you owe to be at least a thousand dollars. I began webcamming this fall and have not made that much yet, I definitely will not owe a thousand dollars in taxes this quarter (or this YEAR, since the year is ending).

    So I'm confused, do I still have to send in my estimated amount January 15th, even if it's like, $200 bucks? Or can I just pay that when I do my taxes for 2009 on April 15th with everyone else?

    Thanks!



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    Default Re: Estimated tax payment question...

    ^^^ actually, you fall under the 'new business' exception ... which in light of less than $1000 worth of 4th quarter earnings means that you don't need to worry about making a 4th quarter estimated tax payment by January 15th. However, be aware that when April 15th rolls around, you'll need to pay both the taxes due on your 2009 earnings ( with no estimated tax account money to help ) as well as a 1st quarter 2010 estimated tax payment to cover income earned in January, February and March.

  3. #3
    Featured Member MsClaireVoyant's Avatar
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    Default Re: Estimated tax payment question...

    Got it, that's what I figured. Thanks!



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