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Art Fag
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Registered: 03/01/01
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Last seen: 9 years, 5 months
any accountants in here?
    #3664498 - 01/22/05 10:50 PM (14 years, 2 months ago)

I need serious help.

I incorporated my business on 4/15 of 2004... So I have to do these following sets of taxes:

* 1 for my corporation

* 1 for my personal taxes from what I paid myself FROM the corporation

* Also before I incorporated, when working for myself for the first quarter, I had to PREpay my taxes for 2004 under the assumption that I would be working for myself for the entire year.. I paid the first 1/4 worth and then didn't pay a damn thing after because I incorporated... which means because I only worked for myself the 1st quater... my estimate was about 400% MORE than what I actually made. Since I didn't make anything for myself after the first quarter.. I stopped paying the estimates after the first quarter. By the time the IRS catches on to this... I'll have already proved that I didn't make what I originally estimated and they'll probably leave me in the clear. I hope

So now I've got a serious mess! GAHHHH!!!! Any accountant type people out there that can give me some advice?

Edited by BrAiN (01/22/05 10:53 PM)

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The Duk Abides

Registered: 05/17/03
Posts: 94,392
Loc: Earthfarm 1 Flag
Re: any accountants in here? [Re: BrAiN]
    #3664979 - 01/23/05 12:21 AM (14 years, 2 months ago)

So what you're saying is that your estimate for the past year's income was based on what you had made over 3 months(I.E. fiscal quarter)? If you haven't made any personal income since then, you won't have to pay any more taxes on it. You should, however, send the IRS an amended estimate if your income. I'm just a fledgling accountant, so you really should consult a professional about this to be sure. It may cost a lot, but it beats getting into trouble with the IRS...

Edited by Le_Canard (01/23/05 12:27 AM)

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Art Fag
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Registered: 03/01/01
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Re: any accountants in here? [Re: Le_Canard]
    #3665073 - 01/23/05 12:36 AM (14 years, 2 months ago)

actually the estimate was based on 4 months... one year... on april 14th i had made my estimate based on what i made the first quarter and multipled by 4. The thing is. I incorporated on 4/15 so the three months after the first quarter I technically didn't make anything personally.. the corporation made it and I paid myself as an employee.

It'll be easy to do my normal w-2 taxes.. the corporate taxes will suck... as will redoing the estimate and explaining to the IRS that I made 0 for quarters 2,3 and 4.

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