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Quarterly tax payments for micro business?
Posted on 1/13/14 at 4:04 pm
Posted on 1/13/14 at 4:04 pm
So I'm the only employee and I may have a few 1099 guys every now and then to do contract work but Im new to this. So I need to pay quarterly taxes or get an interest penalty from the irs? Is that right?
1
Posted on 1/13/14 at 4:47 pm to lsaltee
Probably, but need more info. The short answer is that the IRS requires a minimum amount of tax withholding or estimated tax payments that is based off of your prior year liability and current year liability. Any withholding is treated as being paid in evenly over the 4 periods used to calculate the under-payment penalty. If you are married, and your spouse has withholding, then you can increase their withholding to cover any estimates.
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