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Paypal 1099-k (seller)?
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Paypal 1099-k (seller)?
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| 14/12 2013 11:17
If you are going to owe over $1000 when you file your return, you should be making quarterly estimates. There are safe harbors built in so you may not actually get hit with a penalty.
| 14/12 2013 12:00
If you owe over $1000 including both income and self employment tax, you'll owe a penalty in addition to the tax unless you meet one of the safe harbor rules.
| 14/12 2013 14:40
Wow, that's a lot of sales. Was this your first year selling? What other income did you have? The requirement to file quarterly estimated taxes is based on BOTH the current year's income as well as what you made last year. If you had $0 income last year (and $0 tax) and this year you owe, $5000, you wouldn't have a requirement to pay in quarterly because of the rising tide exception. If you made $6000 last year and make $5000 this year, then you were expected to figure out the rule sand send the money in. Someone who didn't would owe about $160 in penalty. PS, it's hard to go from 0 to 60 in one year. If you were selling last year and were under the cutoff for getting a 1099-K, you were still required to report the sales on your taxes. If you didn't, you make a good candidate for an audit.
| 14/12 2013 14:40
yes you needed to have prepaid on 1040ES and since you have not done so, yes, there will be late paying penalties you can mitigate this a little by making a deposit, voucher #4, on Jan. 15, 2014
| 14/12 2013 17:31
When you would be owing MORE than 1000 of taxes during the 2013 tax year YES you really should have been filing and paying some quarterly tax payments during the 2013 tax year. Whether you do get the 1099 form from THEM or you do NOT get the 1099 form from them you would still be required to Use your own good daily written receipt books and records in order to correctly complete your 1040 income tax return during the 2013 tax filing season. Self employed independent contractor using your daily written receipt book records to report your gross income on the schedule C or CEZ along with the SE to determine your NET PROFIT or LOSS from your business income during the tax year for this purpose. SE your social security medicare tax amounts that you would OWE on your NET profit amount that would end up the page 1 line 12 from the schedule C and any SE tax owed page 2 line 56 and page 1 line 27 Deductible part of self employment tax attach schedule SE line 27 $$$ amount. Starting, Operating, or Closing a Business Starting a Business Starting a business could be exciting. If you're considering starting a business, start here. This section provides information on everything from a checklist for a new business, to selecting a business structure, and more. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting,-Operating,-or-Closing-a-Business Online Learning Tools The Small Business Taxes: The Virtual Workshop is composed of nine interactive lessons designed to help new small business owners learn their tax rights and responsibilities. The IRS Video Portal contains video and audio presentations on topics of interest to small businesses, individuals and tax professionals. Page Last Reviewed or Updated: 31-Oct-2013 Hope that you find the above enclosed information useful. 12/14/2013
| 16/12 2013 09:46
If you owe more than $1000 when you file, you will be penalized. SO yes, you probably need to be making quarterly payments, as you were legally obligated to claim the income whether or not PayPal send a 1099.
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