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Can I use Taxslayer for quarterly taxes?

by capitalalchemy
4 replies
Last year I used Tax Slayer and had great success. This year I will need to file quarterly taxes...do you know if this can be done with this service, or I should try and use a CPA?

Also, stupid question but...do I have to pay state and local taxes quarterly as well?
#quarterly #taxes #taxslayer
  • Profile picture of the author GMD
    Banned
    I am guessing from your question that you've never had to file (or have filed) quarterly taxes?

    First question you have to ask yourself is: do I need to file quarterly taxes?

    You only do this to pay tax on income that is NOT subject to withholding. This includes income from self-employment, rental income, interest, alimony, prizes, awards, and so on.

    For example, if you have a "job" you would not use this. Normally you've filled out a W4 and your employer uses that information to withhold your federal (and state taxes if applicable) each pay period.

    If you are filing as a sole proprietor, partner, S corporation shareholder and/or a self-employed individual, you normally use IRS Form 1040-ES (and I'm guessing that ONE of these MIGHT apply to you).

    Also keep in mind that you use this method if you expect that you'd owe a tax of $1,000.00 or more when you file your return.

    Normally, you'd file your quarterly taxes with something that's called "The Electronic Federal Tax Payment System. You can find that here:

    EFTPS: The Electronic Federal Tax Payment System

    Regarding state taxes -- IF your state has an income tax (if you were from Nevada for example, this would not apply) then chances are you'd have to file quarterlies with your state tax authority as well.

    It's obvious, but I should state it:

    EVERY TAX SITUATION AND FINANCIAL SITUATION IS DIFFERENT -- that's why you need (or should) talk to your qualified tax preparer, a CPA, a tax attorney, or YOUR OWN VERY CAREFUL RESEARCH. You can certainly get pointed in the right direction by asking questions in a forum, BUT YOU SHOULD NEVER TAKE ACTION BASED UPON ANY FORUM ADVICE.

    P.S. -- I almost forgot, that yes, you can prepare and file quarterly with the the Tax Slayer PRO software.
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  • Profile picture of the author dougwarrior
    local will depend on your state / city. call your local department of revenue and they will tell you.
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  • Profile picture of the author Randall Magwood
    I know if you register your business as a retailer you will have to pay quarterly taxes. What kind of business do you run?
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    • Profile picture of the author capitalalchemy
      Right well I'm self employed and will definitely earn more than $1000 this year. It's not so much a question of if I need to file, it's just trying to process what I need to do. It's so damn confusing, and this whole business of trying to "guesstimate" the earnings for a quarter, because I'll have to file before the quarter is up, which means that I will have to presumably carry over last minute earnings into the next quarter, or at least that's how it's been explained in every article I've read.

      I don't know...they want exactness, but they don't give you much to work with (but way too much to think about), so it's no wonder people get audited left and right :p
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