Quarterly Filing

Forum|Forum|1 year ago
August 28, 2024
1 reply
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I recently started a contracting business. My business is registered as a sole proprietorship in the state on WV, however I live in OH. Are sole proprietorships required to quarterly file? My company hasn’t actually become “live” yet, I haven’t started advertising or accepting job, however I have done under $5k of work for local people. Am I required to quarterly file?

LoraineG

You are required to do estimated tax payments if you expect your tax liability to be $1,000 or more. That tax liability is calculated out of the adjusted gross income (income from all sources) and if there's a net profit in your business, meaning income exceed the expenses. You can use the Self-Employed Tax Calculator found here to help you determine if you need to make estimated tax payments or not.

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