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When starting up a new business, is it better to file taxes…

when starting up a new...
when starting up a new business, is it better to file taxes quarterly, and how would we go about it?
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Answered in 1 minute by:
3/13/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,612
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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If you are in business for yourself, you generally need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax.

Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.

There is a worksheet in Form 1040-ES, Estimated Tax for Individuals to calculate and vouchers to make the payments.

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Customer reply replied 1 month ago
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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,612
Experience: 15years with H & R Block. Divisional leader, Instructor
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Category: Tax
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Experience: 15years with H & R Block. Divisional leader, Instructor

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