Home: Message List - WHAT TAXES TO PAY?TO WHOM? WHEN DO I PAY TAXES? I AM SO LOST

Re: WHAT TAXES TO PAY?TO WHOM? WHEN DO I PAY TAXES? I AM SO LOST

heavenscent08 — Wed, 24 Jun 2009 01:57:25 GMT

I am in the same situation. I dont know where to begin.

Re: WHAT TAXES TO PAY?TO WHOM? WHEN DO I PAY TAXES? I AM SO LOST

TaxPartner — Tue, 23 Jun 2009 03:12:29 GMT

It's a little more detailed than that. The law states that you do not have to pay estimated taxes for 2009 if you had no tax liability for tax year of 2008 for starters. If you did have a tax liability then you must calculate some other things. I would not advise anyone that is barely able to make ends meet to sent their hard earned 25% of their profit to the IRS when it may not be necessary. I am an accountant as well as a small business consultant that is always looking for affordable ways for entrepreneurs to keep more money in their pocket.

Re: WHAT TAXES TO PAY?TO WHOM? WHEN DO I PAY TAXES? I AM SO LOST

DomainDiva — Mon, 22 Jun 2009 13:24:28 GMT

In Texas if you have a registered Texas Corporation, and you are the only employee, you are responsible for making a monthly wage tax payment to the IRS and a payment to the Texas workforce Commission for unemployment.

I handle my consulting business in this manner.I will be happy to help you and get you some assistance with Quick Books as well. See my profile for contact info. I am in the DFW - Mid Cities area.

If you are self employed in Texas you only need to make a quarterly payment to the IRS (Feds) about 25% of your net (after expenses). I did the self employed thing for about 7 years as well and have been a corp since 2000.

Texas has no state income tax.

Re: WHAT TAXES TO PAY?TO WHOM? WHEN DO I PAY TAXES? I AM SO LOST

TaxPartner — Sun, 21 Jun 2009 23:24:52 GMT

Hello Git_erdone,

I understand what you are going through at the moment. A lot of businesses have been affected in this way. Based on what you've written, I'm assuming that you are talking about paying the estimated taxes that are due from businesses to the IRS and sometimes your state's department of Revenue. Contact me and I may be able to steer you in the right direction. It sounds like you may not have to pay any taxes at all this time but I want to make sure all the facts are there.

Re: WHAT TAXES TO PAY?TO WHOM? WHEN DO I PAY TAXES? I AM SO LOST

rencmbs.vate1 — Sun, 21 Jun 2009 21:24:57 GMT

i think it's like a 500 dollar cut off limit , i am new to this to , but i did reaserch on the fed and state websites , i do own my own businuess and i have a 40 hrs job , i am preparing to pay quartly taxes now .

Re: WHAT TAXES TO PAY?TO WHOM? WHEN DO I PAY TAXES? I AM SO LOST

Git_erdone — Sun, 21 Jun 2009 21:02:08 GMT

THE FEE WOULD HAVE TO BE REAL SMALL FOR YOU TO BE OF ANY USE TO ME..... I AM NOT MAKING MUCH OF ANYTHING RIGHT NOW, AND I AM BARELY AVERTING HAVING MY ELECTRICITY TURNED OFF. THAT IS WHY I POSTED HERE HOPING SOMEONE WHO LIKES SHARING KNOWLEDGE WOULD OFFER SOME

Re: WHAT TAXES TO PAY?TO WHOM? WHEN DO I PAY TAXES? I AM SO LOST

rencmbs.vate1 — Sun, 21 Jun 2009 20:26:51 GMT

i should talk to luckiest for some advice, i'll try to contact u tonight

Re: WHAT TAXES TO PAY?TO WHOM? WHEN DO I PAY TAXES? I AM SO LOST

LUCKIEST — Sun, 21 Jun 2009 20:10:33 GMT

WHAT TAXES TO PAY?, Welcome

I am a Quickbooks Consultant and I can help you (for a small fee)

How can I contact you?? LUCKIEST

Re: WHAT TAXES TO PAY?TO WHOM? WHEN DO I PAY TAXES? I AM SO LOST

rencmbs.vate1 — Sun, 21 Jun 2009 19:50:57 GMT

you have to pay taxes every 3 mounths , tot state and fed

WHAT TAXES TO PAY?TO WHOM? WHEN DO I PAY TAXES? I AM SO LOST

Git_erdone — Sun, 21 Jun 2009 19:42:18 GMT

I am a redneck man, with an old truck, who knows how to fix or make just about anything. I was recently laid off from my hydraulics mechanic position, so I started this business to make money to pay the bills. I did a lot of work for Ron Jackson, the meteorologist on channel 4 news in Dallas, TX, and since then I have become some what successful, kinda.
I went and opened a business account and my bank made me file for a EIN # from the IRS. Now I am freaking out about taxes, and what to do, and when. When do I pay federal taxes? On what do I pay? I barely make enough to cover operating expenses... Do I pay state taxes to Texas? On what? When?
I do not have an employee, and I barely make enough to keep the lights on and food on the table. I am contemplating buying Quickbooks or something, but I just do not understand what to do and when, and I bet I can not afford to hire a CPA. I tried to read the IRS web site to under stand what to do and when, and that made no sense to me. I'm just a redneck.
Anyone out there to who knows enough to help me understand what I need to do? Are there any resources for people like me with an old truck with a bad transmission, trying to make enough to feed his familly? Any help would be appreciated....