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Thread: 2010 Tax Forms?

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    Veteran Member Autumn Lily's Avatar
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    Default 2010 Tax Forms?

    I assume that since I just started I will need to file taxes on 2010 tax forms? IRS doesn't have these on their website.

    And is it correct that self-employers need to file 1040-ES quarterly? Does Schedule C need to be attached with these every quarter I send in? And does 1040-ES eliminate the need for the standard 1040 due April 15?

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    Banned Melonie's Avatar
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    Default Re: 2010 Tax Forms?

    the entire subject is explained in fairly deep detail in the

    in the way of a quick answer, the 1040-ES estimated tax forms are for an independent contractor business person the equivalent of a straight job employer's weekly withholding of taxes from employee paychecks. The good news is that you only have to do it once per quarter. The bad news is that as an independent contractor business person you are considered to be both the employer and the employee in one for Social Security / medicare tax purposes. The intended purpose of the 1040-ES quarterly estimated tax payments, in exactly the same way as taxes withheld from employee paychecks by their employer, is for the gov't to be able to collect tax money in smaller chunks throughout the year instead of one huge chunk at the end of the year.

    As an independent contractor business person, you need to file a 1040 annual tax return with Schedule C 'Profit or Loss from a Business' before April 15th. Again, just like the employee paycheck tax withholding, filling out the 1040 plus Schedule C calculates the EXACT amount of taxes you owe for the previous year. You then compare this EXACT amount to the total number of estimated tax dollars you have paid over the previous 4 quarters. If you overpaid on estimated taxes you'll get a refund. If you underpaid on estimated taxes you'll have to pay in extra money. And if your business is in it's second year and you underpaid more than 10% on your estimated taxes, you'll also have to pay an underwithholding penalty charge on top of the taxes you owe.

    The schedule C only needs to be attached to your 1040 annual tax return. The quarterly 1040-ES vouchers are only about the size of a check, and you don't need to send any other paperwork in with them except your estimated tax payment check !

    From your siggy I see that you are from Kansas ( and I assume that you dance in Kansas as well ). Since the state of Kansas levees its own income tax, you will also have to send in the appropriate Kansas state estimated tax vouchers quarterly ( along with another check ) and file the appropriate Kansas state annual tax return with a copy of your federal Schedule C by April 15th.

    And just to clarify, you'll be filing annual tax returns for the 2009 tax year i.e. money earned from January 1 through December 31 of 2009 ... with a tax return filing deadline of April 15th 2010. Money that you have earned since January 1 2010 counts towards the 2010 tax year with a tax return filing deadline of April 15th 2011. However, the estimated tax payment deadline for money that you have earned since January 1 2010 ( through March 31st 2010 ) is also due on April 15th 2010.

    ~
    Last edited by Melonie; 01-11-2010 at 03:52 PM.

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