Filing taxes quarterly, what do I need to fill out?

commoncents05 · April 13, 2008 7:29AM

Buying and selling coins is my only means of income, and it's not a lot, but I know it is enough that I need to file quarterly. What form(s) do I need to fill out. It is due on the 15th, right? Thanks in advance for the help.

-Paul

ajc · April 13, 2008 7:32AM

1040-ES if it is on your personal return.

Obiwancanoli · April 13, 2008 7:40AM

You need file nothing quarterly, however, your accountant/tax preparer should have a form with which you can send in your quarterly "estimates". As for filing your return, if you owe any taxes on your income, you will have been expected to have made your quarterly estimates during the year prior. If you did not/do not, then you'll be assessed a small penalty - as a percent of the amount you SHOULD have sent, but didn't - in addition to the taxes that are due.

GrumpyEd · April 13, 2008 7:41AM

Only the 1040-ES

If you will owe less than $1000 in 2008 then you don't need to do it.

kieferscoins · April 13, 2008 7:48AM

If it is your business and sole means of income you should get help from an accountant for advise and for filing. I did and it has helped alot!

Cameron Kiefer

derryb · April 13, 2008 7:49AM

not a complicated process for individual taxpayers. go to irs website, obtain quarterly estimate forms. Send them some quarterly money with the form. All you are doing is sending them some of the money you THINK you will owe them at the end of the year. Mostly guesswork and if you send too much you get it back when you file at the end of the year. More like an advance payment of what you will owe them at the end of the year.

Russ · April 13, 2008 7:51AM

The IRS is a bunch of bloodsucking scumbags.

Russ, NCNE

derryb · April 13, 2008 7:54AM

<< The IRS is a bunch of bloodsucking scumbags.

Russ, NCNE >>

Come on Russ, don't hold back

Russ · April 13, 2008 7:57AM

It's two days away from first quarter filing. I always feel that way right about now.

Russ, NCNE

ajc · April 13, 2008 7:59AM

Someone's gotta pay for the war

GrumpyEd · April 13, 2008 8:05AM

<< The IRS is a bunch of bloodsucking scumbags. >>

Mercury10c · April 13, 2008 8:08AM

Hopefully you aren't relying on the coin collecting forum for tax advice.

ajc · April 13, 2008 8:11AM

<< Hopefully you aren't relying on the coin collecting forum for tax advice. >>

There are plent of tax attorney's and tax accountant's here ready to give out free advice!

LickThoseStamps · April 13, 2008 8:15AM

<< The IRS is a bunch of bloodsucking scumbags.

Russ, NCNE >>

Why don't you tell us how you really feel!

nickel · April 13, 2008 9:20AM

all above posts are correct
click your way to 2008 form 1040 ES
read on screen or print . may help you decide
how to proceed

bestday · April 13, 2008 9:47AM

<< The IRS is a bunch of bloodsucking scumbags.

Russ, NCNE >>

Ditto Russ..do you know that if you make a lot of bank deposits in the $ 6,000 to under $ 10,000 range.. the IRS , can and some cases will seize the money out of your bank account ? ...with your only recourse is to sue the IRS to try getting your money back.
the real IRS " FAs "!!!!!

nickel · April 13, 2008 10:08AM

any idea as to reason?
cash , checks or mix of both?
there are a lot of B&M shops , (not just coin)
that deposit a few times a week , if not daily.
how is a business to buy inventory and do
payroll with no funds?

Barry · April 13, 2008 10:22AM

<< The IRS is a bunch of bloodsucking scumbags.

Russ, NCNE >>

I agree.

If you underestimate your estimated income by more than a few % (I don't know the number. That's what accountants are for.) you will get hit with a penalty.

jessewvu · April 13, 2008 10:55AM

All I do is print out four vouchers through TurboTax when I do my taxes and pay what it suggests I should pay which is based on the previous years tax liability. easy peazy japonezy (I don't think much of that is spelled correctly). I am assuming you file a schedule C and NOT a schedule D.

BAJJERFAN · April 13, 2008 11:02AM

<< 

<< The IRS is a bunch of bloodsucking scumbags.

Russ, NCNE >>

Ditto Russ..do you know that if you make a lot of bank deposits in the $ 6,000 to under $ 10,000 range.. the IRS , can and some cases will seize the money out of your bank account ? ...with your only recourse is to sue the IRS to try getting your money back.
the real IRS " FAs "!!!!! >>

What is their rationale for seizing the funds?

BAJJERFAN · April 13, 2008 11:06AM

<< 

<< The IRS is a bunch of bloodsucking scumbags.

Russ, NCNE >>

I agree.

If you underestimate your estimated income by more than a few % (I don't know the number. That's what accountants are for.) you will get hit with a penalty. >>

You must have paid 90% of you tax obligation before the end of the year or there will be a penalty on the shortage and I think that is 10% of the amount still due.

Filing taxes quarterly, what do I need to fill out?

Comments

Leave a Comment