Wait, is this all for self-employment, or are you filing for a larger business? I just started my own business and if I'm going to have to stumble through that I think I might cry.
If you're paying yourself but not withholding you should be okay. As far as I know estimated quarterly taxes are still payable with coupons and checks. This is for my boss and I, a two person business because we have payroll taxes, social security etc. taken out of our paychecks.
You should check with the IRS just to be safe, though. The notice we got was strictly for federal tax deposits (payroll tax withholding).
No kidding. I've got coupons that were mailed for me for quarterly taxes. And right now, I'm not even making enough to pay myself, let alone pay for more supplies. I'm so considering getting tax help from one of the H&R Block offices here. I can do my own taxes fine, but trying to deal with the business end of it is a little daunting.
It can be and the estimated payments are painful. Because you're self employed there's no company paying 1/2 of the social security and medicare, so you have to pay those as well your share and the taxes. When I did it, I paid 30% of each gross paycheck to the Feds and 5% to the state. That's over a 1/3!
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You should check with the IRS just to be safe, though. The notice we got was strictly for federal tax deposits (payroll tax withholding).
It's ridiculous the number of hoops!
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Percent of this post I understood: 3. Still: *hugs*
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