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2 business tax filing questions?

Question: 2 business tax filing questions?

(Posted by: on 2011-03-11 22:52:25)

1) i have a new business and from what i understand the next quarterly deadline is april 15th to have my tax information filed. it cost me around $3, 000 to open my business and buy all the materials i need. i will probably not start selling until after april 15th. do i still file my deductables fro the 4/ 15 deadline? or do i wait until i have made sales for the next quarter? 2) since filing is quarterly when do i draw the line on my sales? do i take everything up to exactly april 15th on the dot all sales by 12am? an i be a few days inhead? and have the 2 days before the 15th on my second quarter? or will it be too late


Posted by: cainvest1 on 2011-03-11, 23:02:44

Your question isn’t clear. Are you talking about sales taxes collected as a result of sales to your customers or your income tax deposits?


Posted by: CarVolunteer on 2011-03-11, 23:03:13

1) You are allowed to make estimated tax payments each quarter based on your profits year to date. If you have no profits in the first quarter you would owe no tax. 2) 4/ 15 is based on 1/ 1 through 3/ 31. 6/ 15 goes through 5/ 31, and so forth. Both of these answers are about income tax. If you have payroll, franchise, sales, or other taxes in mind, see your accountant.


Posted by: tro on 2011-03-12, 09:28:53

Your 1040ES that would be due April 15, is based on your anticipated taxes on our profit for the first months of 2011 this would mean approx. 13.3% of your sch C ‘net’ for self employment taxes alone your individual income taxes would be another consideration consider your profit(or loss) thru March 31


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