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FAQ

What is the form I need to send in with my quarterly estimated tax payment?
[US tax perspective]Assuming you are referring to federal income taxes in the US, the form you’re looking for is 1040-ES.Epayments are due April 17, June 15, September 17 and January 15.You may download the necessary forms and instructions here https://www.irs.gov/pub/irs-pdf/...You may also make your estimated quarterly payment online IRS Direct Pay
Assuming I collect sales tax from residents of all 50 states as an online seller, & send a check to each state annually, how do I avoid fines/penalties for technical breaches (didn’t make estimated payments, use correct form, file quarterly etc.)?
Great question!To begin, you will only want to register for a sales tax permit in states where you have nexus. For states in which you have nexus, the best way to avoid fines/penalties due to technical breaches is to either 1) pay early or 2) use a third party tool to automate your sales tax filings.That’s where a company like TaxJar comes in. TaxJar can automate your sales tax filings in every state so you never need to worry about deadlines, payments, fines, or forms again. TaxJar is able to do this by connecting with the places you sell via one-click integrations. Whether it’s a marketplace like Amazon, eBay, and Etsy or an eCommerce platform like Shopify, Magento, and Squarespace, TaxJar can get you set up in minutes.If you’re new to sales tax, I recommend reading TaxJar’s free guide to getting sales tax compliant in 2021. Whether you choose to use a third party tool or do it yourself, TaxJar’s free guide will get you moving in the right direction.
How can Accounting Service will help my business?
The best accountants & finance professionals can help in at least 3 ways:Gain clarity on your performance gaps & blindspots;Steer clear of your common performance mistakes & icebergs; andAccess to the latest methods and tools to improve your performance.Accountants can improve your ultimate (learning) competitive advantageEven though accountants can help overcome such performance gaps, they are still a (new) investment for midsize businesses and so naturally any such spend must be justified against bottom line improvements and return on investment (ROI). These can vary from:Lower Costs (lower costs means higher margins)Improve Capacity (more widgets out the door means more revenue)Enhance Productivity (free up more of your time to focus on adding value to the business)Deliver ROI (better than most commercial investments with lower risk)An accountant also brings some additional softer benefits for owners and managers that allow them to make decisions with more confidence & clarity, becoming less reactive and more strategic; lowering the risk of performance mistakes and seeking to improve:FREE ACCOUNTING SERVICES SEND QUERY AND GET ITFREE BOOKKEEPING SERVICES SEND QUERY AND GET ITlimited offer
How do independent contractors etheir quarterly taxes?
There are some quick ways to do this. Some of the other answers lead you in that direction. Here’s my take on this:If you pay in an amount at least equal to what you paid in last year’s taxes ( the total tax bill), you won’t have a penalty. Yea, you might owe, but no penalty.If you don’t pay in, you’ll pay what is in essence interest, in the form of a non-deductible penalty. The interest rate is under 5% annualized. But, you will have a humongous tax bill.Maybe you can adjust your W-4, and have large withholding from your salary now, which takes care of most of the estimate. So, if you are married, claim single 0. It will hurt a bit on each paycheck, but you’ll pay in a lot more, maybe covering what you owe.To get an idea of what you owe on the independent contractor earnings, first you have to know what they are! Take what you received, and deduct your expenses. Remember, you may be entitled to an office in home, your mileage, and other easily missed deductions. (A CPA or EA would be a good person to help you this year‡ they’ll know how to calculate everything, and it’s a lot better than you struggling or guessing). With your net income calculated, you must figure your self employment tax ( at about 15%, and your income tax ( use 12% for fed, 3 - 5 % for most states). You’ll have a ballpark amount. ( I know, the rates are all over the place, I am just throwing you what I think most people end up at. Again, great reason to consult with a CPA or EA.)Kudo’s to you for being on top of this and not doing what some of my clients do, which is wait until next April and then have a heart attack, despite my pleading!
How do I calculate estimated tax payments?
Typically you can use the prior year as a gauge for the next year and pay in approximately the same amount. However, if there are major changes from one year to the next you would need to adjust.Ultimately you calculate the amount of tax you expect to owe based off your taxable income and divide the payments into 4 installments.
How do I invest 500K of cash that I have to send as tax payment in April '2018?
Since you are almost certain that you’ll have to pay 500k next year, you need to be extremely conservative. The FDIC insures up $250,000 in banks and credit unions so splitting it up into a savings and a checking account would guarantee the principle but minuscule return.Another option is a money market account. Check out Everbank’s Yield Pledge Money Market and Yield Pledge Checking are offering 1.11% for balances up to $250k (perfect just split the 500k between the 2 accounts and earn an easy $5520!) Here’s a link Earn in the Top 5%.This may be the best return you can get for a risk free one year investment since the higher rates are reserved for those who will be investing their money for a longer duration.
Where do I send my 2021 tax return in 2018?
If you’re talking about US federal income tax, you file a prior-year return in exactly the same manner you file a current-year return. You can only e-file a prior year return for the two prior tax years and only through a professional tax preparer, so for 2021 (which is six years back now) you will have to file on paper. Make sure you use the correct form for the tax year in question. The IRS has on its website prior year forms for individual tax returns going all the way back to 1916, so finding forms for 2021 shouldn’t be that difficult.If you have received a notice from the IRS regarding your past failure to file a return, that notice will have an address to which you should send your return. Otherwise, you should send the return to the address in the instructions for that year, retaining a complete copy of the filed return for your records. If you receive a notice from the IRS regarding failure to file after you file a past due return, you should send a copy of the previously filed return to the address in that notice.For other taxes, you’ll have to consult with the revenue agency that collects that tax, or an attorney.
Do I need to make quarterly estimated tax payments?
You personally, probably do not need to make estimated tax deposits. However, your partnership probably does need to be withholding tax and paying that in on your behalf. Obviously I don’t have all of your information, but I am assuming you are a non-US individual and have income “effectively connected to a US trade or business” via the partnership and thus need to file a US non-resident tax return to report that income. Note your income would include your share of profits from the partnership and is not just dependent on what you pay yourself as guaranteed payments.If you are instead a US citizen or resident alien, then yes you do need to make estimated tax deposits, but are probably ok for this year as long as you file and pay what you owe in US tax before April 15.
Where do I send my tax return by mail?
go to An official website of the United States government and search for “where to send tax returns” by type. It will tell you for your form and state what address to live.