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Thread: When are taxes due?

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    Featured Member Lizette's Avatar
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    Default When are taxes due?

    This is my first year dancing. Hence, I haven't been paying quarterlies as I don't have to. Next year, I know I will. When are my taxes due for this year? Are they due Jan 15 or April 15?

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    God/dess Emily's Avatar
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    Default Re: When are taxes due?

    Apr 15th, but your 1st Quarter of 2006 will be due then too, so keep that in mind.

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    Featured Member Lizette's Avatar
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    Default Re: When are taxes due?

    Quote Originally Posted by Emily
    Apr 15th, but your 1st Quarter of 2006 will be due then too, so keep that in mind.
    Awesome! I have time.

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    Default Re: When are taxes due?

    Estimated tax payments are required for taxpayers that don't have withholdings. Due dates are 4/15; 6/15; 9/15 & 1/15. To avoid underpayment interest (they call it penalty but it is really interest) you have to have 90% of your tax paid in quarterly estimates (there are exceptions and the 105% +/- of your prior year tax).

    Tax returns (filings) are required to be filed on or before 10/15 of the year following (with extensions) and your payments are required as of 4/15.

    Happy Thanksgiving everyone -

    Dan
    Daniel D. Morris, CPA
    [email protected]

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    Default Re: When are taxes due?

    So your suppose to file quarterly?
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
    -Kenpachi



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    Default Re: When are taxes due?

    Quote Originally Posted by TigersMilk
    So your suppose to file quarterly?
    You're supposed to file a tiny tax form called a 1040-ES quarterly, which is a simple report of your 'guesstimated' tax liability on earned income for the previous 3 month period ... along with sending in a check for that 'guesstimated' tax liability. Then when April 15th of the following year rolls around you must file the whole enchalada 1040 tax form with Schedule C. This determines your 'actual' tax liability for the previous year. You also must reconcile the difference between your 'actual' tax liability and the 'guesstimated' amounts you previously paid via the four estimated tax payments, and pay the difference (or receive a refund).

    This is essentially the same thing that goes on with employee paychecks, where the employer sends in 12 or 26 or 52 estimated tax payments to the IRS on the employee's behalf (depending on how often the employer issues paychecks). Independent contractors are only required to send in 4 payments, a concession to the fact that independent contractors must fill out the estimated tax forms and cut the estimated tax payment checks themselves rather than having an employer's accountant do it for them.

    When April 15th rolls around, besides having to make a payment (or receive a refund) for taxes due on income earned during the previous year, the estimated tax payment is also due for income earned from January through March of THIS year. There is a line near the end of the 1040 form for this, and you can apply any refund due you on previous year's estimated tax payments towards making this payment. This is what Emily was trying to warn you about, that when April 15th rolls around you're actually facing 15 months worth of income taxes coming due all at once if you haven't made estimated tax payments during the previous quarters.

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    God/dess Emily's Avatar
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    Default Re: When are taxes due?

    not file, but pay estimated taxes....like your employer would do for you every paycheck if you got one.

    You file once per year like everyone else.

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    Default Re: When are taxes due?

    Gosh that makes much more sense to me now. Figuring out all this tax stuff makes me dizzy. We have a great tax guy we all go to so now I know what kind of records to bring to him so I can figure this mess out.
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
    -Kenpachi



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