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    2 Replies Latest reply on Nov 20, 2007 10:05 PM by Lighthouse24

    Rules that mandates Quarterly filing of taxes for a C corp

    namekyoyo Newbie
      Does anyone out there know what the income threshold is that mandates quarterly filing of taxes for a C corp? I started a small company about 6 months ago. I hear conflicting reports from different cpa's and friends. Some say I have to file quarterly others say I don't have to unless my business income surpasses a certain level.

      Would sure love some informed opinions on this subject.

      Namekyoyo
        • Re: Rules that mandates Quarterly filing of taxes for a C corp
          LUCKIEST Guide
          There is no income threshold that mandates quarterly filing of taxes.
          Estimates are based on tax due, which is based on profits.
          You need to make estimated tax payments if you expect to own income tax at year end..
          You will need to make
          estimated tax payments at least every three months.
          Do you have an Accountant?? Trust YOUR accountant.
          LUCKIEST
          • Re: Rules that mandates Quarterly filing of taxes for a C corp
            Lighthouse24 Ranger

            Perhaps the conflicting information you've heard is due to confusion over which "filing" you're referring to. Your C corporation is required to file a corporate tax return (Form 1120) annually (by the15th day of the third month of your tax year). Your C corporation is required to make estimated tax payments quarterly unless the total tax it would owe at year end is less than $500. If the C corporation has employees, it is required to file an employer's return (Form 941) quarterly to report wages, withholdings, etc. I hope that clears it up a little.