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    3 Replies Latest reply on Apr 7, 2008 6:34 PM by Santa Fe CPA

    How to File Estimated Taxes

    Consultant442 Newbie

      I am a sole prop, married, filing jointly. My consulting business is based in Texas. I am the only employee. I just started it in January. I need to pay estimated taxes, but I have not done it before. What IRS form do I need to fill out to pay estimated taxes? What address do I need to send it to?

      Thank you!
        • Re: How to File Estimated Taxes
          Lighthouse24 Ranger

          For a sole proprietor, the IRS should have sent you an Estimated Tax for Individuals package when you filed for an employer identification number. It includes Form 1040-V for quarterly payments and the envelopes/labels you need. Call or visit an IRS service center if you haven't received these (the forms are preprinted and barcoded, so you can't just download what you need). Hope this helps. Best wishes.
          • Re: How to File Estimated Taxes
            LUCKIEST Guide
            How to File Estimated Taxes.
            Lighthouse gave you the correct answer for *Filing Estimated Taxes**.*
            You write that you are a sole prop. As the owner of a sole prop,
            you are not considered an employee of the company.
            Yes you can hire other employees.
            If you are filing jointly you might NOT need to file estimated taxes.
            Anybody in business should have an Accountant, A Lawyer and maybe
            an Insurance Agent (or did I say that in one of your prior posts)
            Good luck, LUCKIEST
            • Re: How to File Estimated Taxes
              Santa Fe CPA Adventurer
              You will file your annual return on Schedule C of your 1040. Estimated taxes are paid in with Form 1040ES
              (a deposit coupon). You will have self-employment taxes to pay on the net income from schedule C. These are at the rate of 15.3%. The estimates are due April 15, June 15, September 15, and January 15.
              My recommendation to clients is that the take a quick look at the business income and expenses at least monthly, and figure an estimated payment of 20% of the net for the period. You can lookup your depository address on the IRS web Site : . You have a Service Center Office in Austin,, ZIP 73301.