2006-06-17 18:30:58 · 13 answers · asked by Lana 2 in Business & Finance ➔ Small Business
You can pay the taxes yearly, if your expectation is not to owe much to the government by the end of the year. The federal tax gives you an option to pay everything at once by April 15th. By switching to quarterly taxes, you minimize your risk of getting a penalty just in case you had too much revenue and now owe more than you intended.
2006-06-17 18:35:02 · answer #1 · answered by Anonymous · 11⤊ 3⤋
Well, this depends on the type of business ownership (i.e., sole proprietorship, partnership, corporation...etc.). For example a sole proprietorship pays income taxes yearly while a corporation would pay income taxes quarterly. Also, if you're paying sales taxes, you have to follow a specific schedule provided by the IRS. For more details about types of business ownerships, visit www.sba.gov and for more information about taxes, visit www.irs.gov
I hope I clarified things a bit. Good luck!
2006-06-17 18:36:58 · answer #2 · answered by A. E. 1 · 0⤊ 0⤋
You can choose either one. I used to pay my business taxes yearly, but it is easier to work with a budget to pay them quarterly.
2006-06-17 18:34:41 · answer #3 · answered by dh1977 7 · 0⤊ 0⤋
Technically a enterprise proprietor needs to pay his tax quarterly in keeping with income generated by making use of the enterprise. If no tax is owed considering the fact which you have adequate deductions and adjustment there is no penalty or a carry on your refund. although you will possibly no longer owe any tax you ought to owe social protection with the aid of fact the advice is incomplete it truly is tough to tell. based on the information you have offered, there should not be a penalty or a carry.
2016-10-31 01:56:04 · answer #4 · answered by seelye 4 · 0⤊ 0⤋
Usually quarterly, or at least they have to send a quarterly estimate. Consult the I.R.S. on the phone and ask them!
2006-06-17 18:33:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
i don't know if you HAVE to pay them quarterly...but yearly is probably a big chunk a change to have to come up with
2006-06-17 18:34:49 · answer #6 · answered by Jones 4 3 · 0⤊ 0⤋
you can do it either way but most people would pay them quarterly so at the end of the year it isnt as big amount of money
2006-06-17 18:34:18 · answer #7 · answered by yakj 2 · 0⤊ 0⤋
They can do either but I don't know which has the greater advantage and I think there are penalties for filing yearly.
2006-06-17 18:34:56 · answer #8 · answered by Alan D 5 · 0⤊ 0⤋
It depends on what form the business takes (sole proprietor, llc, s corp, etc) and the amount of revenues....
2006-06-17 18:36:29 · answer #9 · answered by Jess Wundring 4 · 0⤊ 0⤋
quarterly
2006-06-17 18:32:11 · answer #10 · answered by Anonymous · 0⤊ 0⤋