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FIB - Scams 101 - Ye Olde Archives
Posted By: Angela In Response To: Re: Tax concerns (Kevin Larsen)
Thursday, 16 March 2006, at 4:56 p.m.
Ok, You really need to call YOUR State Tax Office! In my state, SC, even if you do not make a penny! and you do not send in the form marked "0" quarterly, They "assume" what you may have made and promptly bill you! Too much headache!
Not only that. If you do not turn in a certain form in June concerning your company expenses. ie. building rent, lighting, office supplies and what not. At the end of the year they will also "Asess" this and send you another bill!
Trust me, I know from experience. So, On matters like this that may take money out of your pocket. It is easier and safer to make that one phone call to the state tax acessor instead of asking online.
Just my opinion,
Angela
> I was looking at the IRS website and it looks like you have to pay income
> estimates quarterly if you expect to owe $1000 in taxes at the end of the
> year. (for the business part) It looks like you have to file
> self-employment tax if you paid yourself more than 400$ in the last year
> as well.
> This is what I figure reading the website and its online publications for
> what I'm doing, a sole proprietorship.
> Looks like a very nice forum.
> I'll look up the sales tax information tomorrow. It's getting late.
> Kevin
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