Frank, I started in the expediting business in September 2005 and was wondering when I would have to start paying estimated taxes? Up until September I worked for a company and had all payroll taxes taken out. Thanks!
Hi
You will not have to pay any for this year unles you want to but i do not know your situation, look online at the IRS web site at [
www.irs.gov], look for publication 17, and find the charts for the amount of tax due. but remember to deduct (if your married) $10,000
$5000, (if your single), plus $3,200 for each person you claim including yourself and take that off the total you we paid on the
W-2 from you employer. then look in the charts and find the final figure the net income. if the amount of tax is less than what you paid in you do not have to additional estimated taxes, if its more than figure 15%-20% more to send in by January 15th,
While your on the IRs web site, your are going to have to download form 1040ES, fill it out online and print it out the do the figuring,
if there are any other questions please do not hesitate to call me at (704) 739-4039 or e-mail me DOT NOT PUT ANY PERSONAL INFORMATION ON THIS OR ANY WEB SITE UNLESS IT IS SECURE.
fRANK
