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Thread: filing quarterly?

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    Default filing quarterly?

    So! I just paid my taxes via turbo tax (against 2 accountants advice-they told me not to do them?). My club does not file 1099's for us. So basically after much research (this forum has been sooo useful!) I filed overestimating my income and underestimating my deductions. Last year was my first year dancing, I barely kept records, and had no idea I had to file four times a year. Luckily, common sense told me to put aside money for taxes so I could file this year. I based my income on rent, utilities, phone bill, gas, fees/tip out, and how much I allow myself to spend each month. The only problem I have is it was still really low for being a dancer, i dont make much though. I only do private dances for customers who I know well and trust, other than that it's only stage money and money for keeping customers company. I only work part time. I just love the stage part of dancing. My parents still file me as a dependent and they take care of me otherwise.

    My question is how do you file estimated taxes? I have the forms based on my income being the same as this year but I have no idea how to do it myself. Does turbo tax have a program that lets you fill it out every three months?

    Thank you!

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    Featured Member MadisonM's Avatar
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    Default Re: filing quarterly?

    I got 4 forms from my accountants (I think they're called vouchers?) They are a little less than a half sheet of paper, and there is one for each quarter that I have to send in. I keep track of how much I make (I write it down every night after work how much I made that night) so that I can send in a pretty good estimate. The first quarterly payment was due yesterday, and I sent in about 15% of what I made the last 3 months. I have a lot of tax deductions so far, so I feel pretty safe sending in 15%.
    Take the road less traveled- just make sure you have a map.

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    Default Re: filing quarterly?

    these forms are available in the Turbo-Tax program's form library --- hit 'go to form' or 'open form' and then scroll down until you find form 1040ES. Turbo-Tax state also has state estimated tax forms in the library, but the state form number for estimated taxes varies widely so you'll have to 'poke through' the form library list.

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    Default Re: filing quarterly?

    there is a worksheet that will tell you how much to send in with 1040-ES. You need to do this 4x per year for your state and maybe city too (I do).

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    Default Re: filing quarterly?

    can you write off airline expenses?
    also make up , outfits , hairdresser etc?
    i must remember not to throw receipts away tho ,,,

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    Default Re: filing quarterly?

    i wrote off very small amounts for deductibles. only accounting for one pair of shoes, three outfits, the make up i had receipts for, and getting my hair done once. I figure I figure I'll be safe cause that's half of what I actually bought that could be deductible...
    in all i estimated my income and added $1,500 and kept deductibles to a minimum to overpay a bit and be safe about it since I stupidly didn't keep records. I will be keeping records this year cause I feel like this is a mess.

    I still have to mail my quarterly, I just figured out it was due yesterday and I'm using TurboTaxes estimate that they printed for me cause my income is fairly consistent.

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    Default Re: filing quarterly?

    Quote Originally Posted by tori1982
    So! I just paid my taxes via turbo tax
    ...
    I filed overestimating my income and underestimating my deductions. Last year was my first year dancing, I barely kept records, and had no idea I had to file four times a year.
    ...
    My parents still file me as a dependent and they take care of me otherwise.
    This doesn't make any sense to me.

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    Featured Member MadisonM's Avatar
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    Default Re: filing quarterly?

    I thought if your parent's file you as a dependent then you can't claim any deductions at all? That's why I filed as an independent for last year- so I could claim all my deductions.
    Take the road less traveled- just make sure you have a map.

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    Default Re: filing quarterly?

    ^^ technically not true. If you are listed as a dependent on someone else's tax return, you cannot claim 'exemptions' on your own tax return. However, you can still take business expense tax deductions on Schedule C to offset income reported on Schedule C.

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