Hello,
Im thinking about opening my own cleaning company. I have all of my resources
together but the thing Im getting confused about is filing quarterly taxes.
Since my Cleaning Services is going to be like a side job I was wondering
once I start filing my quarterly taxes do I have to include my regular jobs
earning as well. I know I have to file Schedule C 1040, but Im getting
confused do I only file my Cleaning Services earnings on schedule C every
quarter or I will have to include my regular jobs earnings as well. If you
can please help me out with this one.
Thank you in advance
BizResearcher | Window Shopper |
11/6/2012 - 11:38 am
If you are the only person in your business, the only quarterly tax you need
to file is estimated taxes. You file that only on the earnings from your
part-time business, assuming that your employer is withholding taxes from
your wages at your full-time job. Estimated tax payments cover any taxable
income from which taxes are not withheld. Therefore, if you have a sizable
amount of interest income from investments, you would pay estimated tax on
that, as well as paying estimated tax on business income.
If you have employees, then you need to pay quarterly withholding as well.
If you are the only person in your business, the only quarterly tax you need to file is estimated taxes. You file that only on the earnings from your part-time business, assuming that your employer is withholding taxes from your wages at your full-time job. Estimated tax payments cover any taxable income from which taxes are not withheld. Therefore, if you have a sizable amount of interest income from investments, you would pay estimated tax on that, as well as paying estimated tax on business income.
If you have employees, then you need to pay quarterly withholding as well.
Thank you very much for the information and that you took a time to explain
it. Very much appreciated
JGabriel | Community Moderator |
11/5/2012 - 12:52 pm
Hi, you can find information on filing & paying taxes in the Starting a Business section. SBA has resource partners like SCORE, Women’s Business Centers and Small Business Development Centers located across the country that provide free business counseling to individuals looking to start or expand a small business. Visit our local assistance guide to find your local SBA resource partners by entering your zip code. Another approach that may be useful is talking to a mentor who could offer you specific guidance. Good luck!
Hi, you can find information on filing & paying taxes in the Starting a Business section. SBA has resource partners like SCORE, Women’s Business Centers and Small Business Development Centers located across the country that provide free business counseling to individuals looking to start or expand a small business. Visit our local assistance guide to find your local SBA resource partners by entering your zip code. Another approach that may be useful is talking to a mentor who could offer you specific guidance. Good luck!
SeattleCPA | Window Shopper | 11/8/2012 - 7:13 pm
payments to the IRS using a form 1040 ES.
BizResearcher | Window Shopper | 11/6/2012 - 11:38 am
to file is estimated taxes. You file that only on the earnings from your
part-time business, assuming that your employer is withholding taxes from
your wages at your full-time job. Estimated tax payments cover any taxable
income from which taxes are not withheld. Therefore, if you have a sizable
amount of interest income from investments, you would pay estimated tax on
that, as well as paying estimated tax on business income.
If you have employees, then you need to pay quarterly withholding as well.
2211@bg | Window Shopper | 11/6/2012 - 1:31 pm
it. Very much appreciated
JGabriel | Community Moderator | 11/5/2012 - 12:52 pm
2211@bg | Window Shopper | 11/6/2012 - 1:30 pm
Join The Discussion
You must be logged in to join the discussion. If you already have an SBA Community account, Log In to join the discussion.
New users, Register for a new account and join the conversation today!