Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
How are you today?
i am good thank you. and you?
You will need to file 1040-ES for the IRS
You will have two of these. The Jun 1 – Aug 31 estimated payment is due date September 15
The October payment would be due on January 15 of the following year -so you will file 2 1040-ES returns
You would file the same form - Ohio IT 1040 ES for the state of Ohio
Here is the information for estimated payments from the state: http://www.tax.ohio.gov/ohio_individual/individual/estimated_payments.aspx
Here is the information on estimated taxes from the IRS: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes
The information you should have when you calculate this is your income and your expenses
You will only owe estimated tax on the profit
i looked at those links already. my question is more detailed: exactly what the number of the forms are. And what documentation I need to file it
Yes, the number to the forms is 1040-ES for the IRS
and IT 1040-ES for Ohio
and what paperwork do i need? i.e. 2012 tax return?
Yes, that's it - it's just an estimated tax. You will file your additional forms when you file at the end of the year
No, you don't need your 2012 tax return - you just need the information on your income and expenses for that period
ok. when you say 2 1040s for federal is that 2 vouchers or 2 separate forms completely?
You will fill out the 1040-ES two separate times, one for each quarter
and any income i generated before this freelance job i can wait till the end of the year to file?
Were you working as a W-2 employee?
Not this year, but I received unemployment
You should be fine. Just focus on your freelance income
great. thank you. can i print this?
Use your browser's print function
and when ready, please rate my response as "excellent" so that I may receive credit for assisting you today
I appreciate the opportunity to work with you today
Rating is the only way I receive credit for assisting
of course but i can't print the transcript. can it be emailed to me?
Yes, the site will send you an email copy. You can also copy and paste it into Word and print it that way
great thank you