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Thread: Which forms do I NEED to submit to the IRS?

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    Senior Member adarksideoftown's Avatar
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    Default Which forms do I NEED to submit to the IRS?

    I started Streamate late March, and to my knowledge they have not sent me or the IRS a 1099 at this point. That being said, I am wanting to submit my earnings from LJ so I will have an income record established. LJ does not send out a 1099. Which forms do I need to submit to the IRS by, I believe, the 15th of this month? How can I get it to them on-time (or does it just have to be post-marked as being on time?) and how long do I have to pay them after I submit my earnings on time?

    Can't I just file the Schedule C, or whatever? I've never filed taxes before, and given the lack of an accountant, I don't want to get into multiple forms. I was hoping it would be as simple as saying "Hi, IRS, I made this much last year, now I will pay what I owe." But I keep hearing about more and more forms, and it's rather overwhelming. Also, LJ doesn't have any employer numbers of business numbers or anything I can submit to them as far as my employer or business ID, as far as I'm aware. So.... what do I need to do?

    Any help is greatly appreciated!

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    Default Re: Which forms do I NEED to submit to the IRS?

    hey- I'm not sure about the rest of it, but the due date in the U.S. is April 15th. Tomorrow. Yes, you have to have it postmarked by tomorrow.

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    Senior Member adarksideoftown's Avatar
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    Default Re: Which forms do I NEED to submit to the IRS?

    Quote Originally Posted by caitir View Post
    hey- I'm not sure about the rest of it, but the due date in the U.S. is April 15th. Tomorrow. Yes, you have to have it postmarked by tomorrow.
    Thank you! Now I just need to figure out WHICH forms to send out by tomorrow.

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    Default Re: Which forms do I NEED to submit to the IRS?

    search for "taxes" on this site- the info is here- just gotta look.

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    Senior Member adarksideoftown's Avatar
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    Default Re: Which forms do I NEED to submit to the IRS?

    Quote Originally Posted by caitir View Post
    search for "taxes" on this site- the info is here- just gotta look.
    This may sound like an incredibly stupid question, but what months constitute an income year? Is it from January to January, April 15th to April 15th, etc.?

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    Veteran Member DoodlebugBites's Avatar
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    Default Re: Which forms do I NEED to submit to the IRS?

    No, it's Jan 1 to Dec 31 of any given year. April 15 is filing date for the prior year as well as the first financial quarter, which is Jan 1 to Mar 31 of the current year, which might be what's throwing you.

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    Default Re: Which forms do I NEED to submit to the IRS?

    You can get an automatic 6 month extension to file, file Form 4868, you can even efile it here:

    https://www.taxact.com/online/free-t...kAA2A&mpch=ads
    Last edited by CFMNH44; 04-15-2013 at 05:09 AM. Reason: Changed link to a free efile one

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    Default Re: Which forms do I NEED to submit to the IRS?

    Assuming that you actually started camming in march of 2012 ...

    At minimum, if you don't want to file for an extension, by the end of today you'll need to file ...

    - ... 'long form' annual tax return for 2012

    - ... 'business income' annual tax form for 2012

    - ... estimated taxes due on 1Q 2013 business income

    If your state of residence levees its own income tax, you will also need to file the 'long form' 2012 tax return for your state, plus the 1Q 2013 estimated tax form for your state

    In all cases, payment for taxes due must be sent in today with the tax return / estimated tax voucher forms. If the money is not sent, the IRS will begin charging you 3% interest on the unpaid 2012 taxes owed, plus potential additional penalty charges on top of interest for failure to pay estimated taxes. This remains true even if you file for an extension.

    If you JUST started camming in March of 2013 rather than March of 2012, you do NOT have 2012 income therefore you do not need to file an annual tax return or a Schedule C for 2012 by the end of today. If you just started camming in March of 2013, the tax return for this 2013 income won't have to be sent in until April 2014 !!!

    It is you option whether or not you want to go ahead and file a 1Q 2013 estimated tax voucher and send in the 1Q 2013 estimated tax payment, since the amount of earnings involved during the first quarter of 2013 ( i.e. January 1 through March 31 ) is going to be very low compared to your expected second quarter 2013 earnings ( i.e. April 1 through May 31th ) thus a single Q2 estimated tax voucher and payment should suffice. These quarterly estimated tax payments are roughly equivalent to the 'paycheck tax withholding' that employers withhold from employee paychecks and send in to the IRS on behalf of every employee each week / 2 weeks / month. Unfortunately, with no employer involved, you have to withhold this money from your earnings and send it in to the IRS yourself every quarter.
    Last edited by Melonie; 04-15-2013 at 07:27 AM.

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    Senior Member adarksideoftown's Avatar
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    Default Re: Which forms do I NEED to submit to the IRS?

    Thank you so much, everyone, for your responses! I sent out an extension request today. I will consult with a tax specialist in time to file by the end of my extension. You were all very helpful.

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