Schedule SE first time file?
I will be an independent contractor starting in Oct. Normally if I started Jan 1 I would estimate my gross from Jan 1 08-Dec 31 08 and record my first estimated sum Jan. 15. So what do I do give or take a few my profits from Oct 07-Dec07?
Answers:
I chew over you are somewhat confused on quarterly estimates. If you start your business in October, total your profits from October 1 - December 31 and total your taxes base upon that digit. That pay-out is due on January 15th by using 1040-ES for the 4th quarter. You can avoid paying the fourth quarter estimate by file a return by January 31st and paying any liability at that time. If you are expecting a compensation in need an estimate gift, after don't transport contained by an estimate. We clearly don't want to transport the IRS an interest free loan.
In the adjectives, income from:
Jan. 1 to Mar 31 is due April 15th-First quarter
April 1-May 31 is due June 15th-Second quarter (Yes, I know, billet are three months, not two, but IRS doesn't know what a quarter is).
June 1-August 31 is due September 15th-Third quarter
September 1-December 31 is due January 15th-Fourth quarter.
Of course if those date manor on a week-end or holiday, you gain until the subsequent business daytime.
Hope this help and Good luck on your scheme.
Either directory an estimated return for the 4th quarter (due 1/15/08) or directory your return by consequently. It's not unusual to directory an estimated return for one or more garrison, but not adjectives four.
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Answers:
I chew over you are somewhat confused on quarterly estimates. If you start your business in October, total your profits from October 1 - December 31 and total your taxes base upon that digit. That pay-out is due on January 15th by using 1040-ES for the 4th quarter. You can avoid paying the fourth quarter estimate by file a return by January 31st and paying any liability at that time. If you are expecting a compensation in need an estimate gift, after don't transport contained by an estimate. We clearly don't want to transport the IRS an interest free loan.
In the adjectives, income from:
Jan. 1 to Mar 31 is due April 15th-First quarter
April 1-May 31 is due June 15th-Second quarter (Yes, I know, billet are three months, not two, but IRS doesn't know what a quarter is).
June 1-August 31 is due September 15th-Third quarter
September 1-December 31 is due January 15th-Fourth quarter.
Of course if those date manor on a week-end or holiday, you gain until the subsequent business daytime.
Hope this help and Good luck on your scheme.
Either directory an estimated return for the 4th quarter (due 1/15/08) or directory your return by consequently. It's not unusual to directory an estimated return for one or more garrison, but not adjectives four.