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Old 04-08-2014, 06:35 PM
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Estimated tax payment question

My wife just opened a sole proprietor business and I was wondering if I can have extra Federal taxes withheld from my pay in lieu of her making quarterly estimated tax payments. Any help would be greatly appreciated. Rick



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Old 04-08-2014, 09:14 PM
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Originally Posted by breiteyes View Post
My wife just opened a sole proprietor business and I was wondering if I can have extra Federal taxes withheld from my pay in lieu of her making quarterly estimated tax payments. Any help would be greatly appreciated. Rick
basically you must file return as a SP aslongas the amount on SCh C line 29, 31 is $400 or exceeds $400 and need to pay self employment tax aslongas the amount on Sch SE line 2, 3 is $400 or exceeds $400 and you can deduct 50% of your SECA tax on 1040 line 27 I guess;also since you are filing as a sole proprietor and/or a self-employed individual, you generally have to make quarterly estimated tax payments if you expect to owe tax of $1K(I mena after subtraction sof estimated taxes and refundable creditsz) or more when you file your return.However, You do not have to pay estimated tax for the current year if you had no tax liability for the prior year; You were a U.S. citizen or resident for the whole year;Your prior tax year covered a 12 month period.



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Old 10-07-2014, 12:16 AM
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As a sole proprietor you must report all business income or losses on your personal income tax return the business itself is not taxed separately.




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