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My Fiancee is opening a new business. We have got all of our…

My Fiancee is opening...

My Fiancee is opening a new business. We have got all of our paper work done. Now I am confused on the quarterly taxes? Like it says the first one is due april17? Its the 1040-ES. How do I even know what we need to pay?

Accountant's Assistant: When we are ready I'll take you to the appropriate web page.

Ok?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I am just trying to figure out what all I need to being filing tax wise to stay out of trouble with the IRS. We are so new at this I have no clue.

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3/15/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,789
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. As the business is just being started, it is not necessary to pay estimated taxes unless your fiancee expects to owe more than $1,000 in taxes.

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Who Must Pay Estimated 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.

Corporations generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.

You may have to pay estimated tax for the current year if your tax was more than zero in the prior year. See the worksheet in Form 1040-ES, Estimated Tax for Individuals (PDF), or Form 1120-W, Estimated Tax for Corporations (PDF), for more details on who must pay estimated tax.

REFERENCE SOURCE:

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

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Customer reply replied 5 months ago
I don't have to do the ones from April and see where we are?

That is correct.

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Granted, if your fiance wants to pay estimated taxes he/she can, however, at this point, as the business s just started up, it is not mandatory because he/she does not know what the estimated tax liability is going to be.

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Customer reply replied 5 months ago
Okay, also I have gotten the QuickBooks to put all our information in, but I don't think I got the right one that tells me all the taxes. For each job how much of a percentage should we set aside for taxes? And do was have to do sales tax on labor?
Customer reply replied 5 months ago
do we have to do sales tax on labor**

This sales tax question is a totally different matter than your initial inquiry and should be asked as a separate question.

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Tax.appeal.168, Tax Accountant
Category: Tax
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