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Old 01-06-2010, 11:36 PM
Junior Member
Join Date: Jan 2010
Posts: 10
Red face new s-corp

I lost my job in Oct and until then had some tax withheld for W2 wages.

I started a new S-corp in Dec but had no revenue for 2009 but had some expenses including some cost to establish like insurance and training. Net is a loss say of $10K.

I know fed tax is 0. However the following are questions for NJ tax:

Q1) Do I need to pay any estimated tax for '09 (I believe deadline is Jan 15 and that there is a minimum tax of $500 due even though I only had it running for a month)

Q2) Any way to avoid this unreasonable $520 for last year. Why do they need me to pay when I didnt earn anything. Maybe I would have waited for a month if I knew it.

Q3) Is there any benefit from state of NJ like unemployment for people who start new business ? I think they owe me at least to have paid so much in uninsurance and at least for trying to do some work on my own.

Thanks all and Happy New Year.

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