IRS Tax Question?

Question

I started a business in March and finally received confirmation of my EIN for my business in May. They sent me 2 forms for payments, now all I need to know is.. when do I send them and what percentage? (I cant find this information on the IRS website although I'm prob. lookin right at it.) I know I have to do it quarterly but what months are those? also if I dont make any money what do I do?

Answer 1

Congrats on your new business.  Wishing you much success.

Contact IRS at 1-800-829-8374 for assistance.

Quarterly payments are due Jan 15, Apr 15, June 15,  Sept 15.

Answer 2

spend the money and sit with an accountant for an hour and a half. you can't ask such detailed questions without us knowing what state and township you are in, if you have any employees, the nature of your business - is there sales tax involved? etc. - the questions will keep coming. You need to have an all-out conversation with someone familiar with your area.

Answer 3

$50,000.00     R  E  W  A  R  D

Is offered to anyone who can show me the following:

1. What statute makes me liable to pay an income tax.

2. How I can file an tax return without waiving my Fifth Amendment protected Rights.

My name is Bill Conklin and I have researched the Internal Revenue Code for twelve years. It is my opinion after extensive research that there is no statute that makes anyone liable for the income tax and that all individuals who file tax return waive their Fifth Amendment protected Rights. The I.R.S. refers to the income tax system as a “voluntary tax system” so they can continue to use the information proffered on 1040 Returns against individuals in criminal cases.

What does the I.R.S. say about me? Mr. Conklin “knows the I.R.S. and I.R.S. procedures inside and out.” (Quote of Russ Vialpando, Special Agent, Denver District Office.)

Write for a free information packet to:  



N.C.B.A.

P.O. Box 2255

Longmont, CO 80502

Answer 4

If your business is a sole proprietorship (including a single owner LLC) it is just part of your personal return.  So any profit from the business is added to your other income and you pay tax on the whole pot of income.  If you have a job and other income that is substantial compared to your business profit, you really don't have to pay any quarterly estimated payments because your withholdings from your job will probably be enough to pay tax on the relatively minor business profit.

If however, your profit is most of your income, you do need to pay your quarterly estimated payments to the IRS and to your state.  Download Form 1040-ES from www.irs.gov and the equivalent from your state.  They will each include four forms, one to send in with each quarterly payments.  The federal payments are due April 15, June 15, September 15 and the next January 15.  Most states follow the same schedule.  Of course, for this year you just need to do the last two, if you need to do any at all.

To estimate the amount, the best way is to do an estimated tax return for 2008.  You have to use 2007 forms since those are the only ones available.  Don't forget to include a Schedule C for your business and a Schedule SE for your self-employment tax on your business.

Good luck, new businessman.