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    oldactor's Avatar
    oldactor Posts: 3, Reputation: 1
    New Member

    Jan 19, 2008, 09:50 PM
    Actor and model
    I have filed a schedule c for about 8 years and always have had more expenses than income thus showing a small loss on my form 1040 so I had no taxes owed but in 2007 I somehow managed to make much more than my expenses and therefore must pay federal and state taxes as well a fica, sice 207 was my first year to make more then my expenses must estimate the quarterly fed, state and fica taxex or is there, as I have heard there is a one year window where I don't have to pay the estimated taxes? 2008 was an abnomalty I doubt if in 2008 I will make more than my expenses on the schedule c. I know I must pay all the taxes and fica relative to my 2007 real earningsbut how the devil can I make an estimate based on only that one good year, chanches that in 2008 I will not make more than expenses base on the fact that 7 out of 8 years I was in the red as far as earnings verses expenses?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert

    Jan 19, 2008, 10:44 PM
    Quarterly estimated taxes are recommended, but NOT required.

    However, if you have a SECOND good year and do not make quarterly tax payments, you will be liable for an underwithholding penalty. It is not too bad, but you WILL feel it if it is imposed.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert

    Jan 20, 2008, 10:45 AM
    For 2007, you will file schedule SE (Form 1040) to pay the employment taxes. For 2007, make sure to pay your due taxes by April 15, 2008.

    For 2008, you must make estimated tax payments. For 2008, divide your taxes for 2007 by four and send quarterly payment equal to that amount. The due dates are April 15th, June 15th, September 15, and January 15th of the following year.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert

    Jan 20, 2008, 10:49 AM

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