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Re: 1040-ES
Posted by  JanetK_CA of CA on 2/22/21 3:55pm Msg #629780
That makes more sense. My comments referred to this part of your statement: "Quarterly taxes are different ó that money actually goes into your Social Security." If we're going to owe taxes on regular income, then we should be paying quarterly on that income, too.

On a more general note, especially for those new to self-employment, I'm no expert at all this (this is one of my least favorite tasks to deal with and I usually just hand over my data to my tax people), BUT... I've also always thought that in order for our businesses to not be considered a hobby, we have to make a profit (after expenses) after so many years in business and for a minimum number of years out of the total - which probably means some income tax owed. (Check with the IRS or your tax adviser for details.) If expenses surpass income for too long, the IRS can decline all claimed deductions (especially if a spouse or joint filer has employment income), leading to a big bill. Talk about a tax headache!

Maybe there are exemptions or credits that offset this up to a point, but I think it's a good idea to be safe rather than sorry. Like Kimmie, I'd rather over-pay and get a refund than risk penalties.

Just stuff to be aware of...
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Messages in this Thread
 Taxes - feelings screwed this year - Jennifer Mumford on 2/20/21 9:42pm
 Re: Taxes - feelings screwed this year - Carolyn Bodley on 2/20/21 11:46pm
 No, in CA, we can charge per sig notarized, not per stamp. n/m - JanetK_CA on 2/20/21 11:53pm
 Re: No, in CA, we can charge per sig notarized, not per stamp. - Jennifer Mumford on 2/21/21 12:22am
 Yes. You pay SE tax only on what remains after the notary -  MW/VA on 2/21/21 7:40am
 Re: Schedule C - Carolyn Bodley on 2/21/21 8:23am
 Re: Schedule C - Luckydog on 2/21/21 11:05am
 Re: IRS.gov topic 36 Penalty for underpayment of estimated - Carolyn Bodley on 2/21/21 12:22pm
 Topic 306 - Linda_H/FL on 2/21/21 12:30pm
 Re: Topic 306 - Carolyn Bodley on 2/21/21 12:49pm
 Re: Topic 306 - Luckydog on 2/21/21 3:23pm
 Many businesses file quarterly returns along with - Linda_H/FL on 2/21/21 4:37pm
 Re: CPAís tax program and now TurboTax has always calculated - Carolyn Bodley on 2/21/21 12:52pm
 The IRS can charge a penalty is you owe $1,000 or more. -  MW/VA on 2/21/21 1:49pm
 Re: Topic 306 -  JanetK_CA on 2/21/21 4:46pm
 Re: Definitely easier to make 4 smaller quarterly payments - Carolyn Bodley on 2/21/21 4:56pm
 Re: Topic 306 - Jennifer Mumford on 2/21/21 5:04pm
 Re: Topic 306 - KimmyMD on 2/22/21 8:44am
 Re: Topic 306 - Luckydog on 2/22/21 8:47am
 Re: have never been incorporated; operate as IC dba - Carolyn Bodley on 2/22/21 9:31am
 Re: have never been incorporated; operate as IC dba - Luckydog on 2/22/21 12:48pm
 That has nothing to do with it. -  JanetK_CA on 2/22/21 3:29pm
 Re: That has nothing to do with it. - Luckydog on 2/22/21 6:58pm
 Re: That has nothing to do with it. - Carolyn Bodley on 2/22/21 9:14pm
 Re: Taxes - feelings screwed this year - ananotary on 2/21/21 8:53am
 Re: Taxes - feelings screwed this year -  Cheryl Elliott on 2/21/21 10:49am
 Re: Taxes - feelings screwed this year - Jennifer Mumford on 2/21/21 11:10am
 Don't feel too bad. Last year was really busy & I'm owing -  MW/VA on 2/21/21 1:47pm
 Re: Don - Luckydog on 2/21/21 8:17pm
 Re: You donít pay your CPA quarterly - you mail $ yourself - Carolyn Bodley on 2/21/21 9:33pm
 Re: You donít pay your CPA quarterly - you mail $ yourself - KimmyMD on 2/22/21 8:47am
 Re: Taxes Direct pay - Clem/CA on 2/21/21 12:06pm
 Re: Taxes Direct pay - Jennifer Mumford on 2/21/21 5:06pm
 Re: Financial planners, SEPs, IRAs - Carolyn Bodley on 2/21/21 10:03pm
 This ^^^^^^^^^^^^^^^ n/m - ananotary on 2/21/21 10:40pm
 Re: This ^^^^^^^^^^^^^^^ - Luckydog on 2/22/21 8:49am
 Re: Financial planners, SEPs, IRAs -  JanetK_CA on 2/21/21 11:32pm
 Re: Financial planners, SEPs, IRAs - Carolyn Bodley on 2/22/21 7:05am
 Re: 1040-ES - Carolyn Bodley on 2/22/21 8:05am
 Re: 1040-ES -  JanetK_CA on 2/22/21 3:55pm
 Re: must make profit 3 out of 5 years - Carolyn Bodley on 2/22/21 5:19pm
 Re: must make profit 3 out of 5 years - VT_Syrup on 2/22/21 6:07pm
 Re: must make profit 3 out of 5 years - Luckydog on 2/23/21 7:19am



 
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