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Ask an Accountant: Paying Estimated Taxes

by Dana Zeliff on September 3, 20112011-09-03
in Worth Reading

Disclosure: This post may contain an affiliate link.


Thanks to Mom on Dealz for sharing her series, Ask an Accountant!  Sharon is married to an experienced accountant.  Although tax season is over, tax questions arise year round.

Question:
I have an at home business that has started making me a small amount of income. Should I be paying estimated taxes on what I am making?

Answer:
You need to pay in at least 90% of your prior year tax through withholding and estimated payments by January 15th. If your income is expected to be the same as last year and more than $150k, then you need to pay in at least 100% of last year’s tax. If your income is higher than last year and greater than $150k you must pay in 110% of last year’s tax by January 15th. Now is an excellent time to discuss year end taxes with your accountant.

*Please keep in mind this post is for informational purposes only and answers given are very general. Many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation.

photo credit: austinpost.org

Filed Under: Worth Reading Tagged With: Ask an Accountant

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Hi! I'm Dana, the writer behind the scenes of The Coupon Challenge, a Hampton Roads, VA based coupon blog. I'm a wife and mother of 2. After getting out of debt we started using our savings to travel together as a family and create memories.

Are you looking for ways to save your family money? I strive to help you save on the products you need, so you can spend more on the things you want. Read More about Dana & Family

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