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MannyLNJ
09-30-2005, 10:29 PM
I currently have a sole prop registered under by ss# with the county I live in. The township does not require me to register with them.

I was told that whatever money the business brings in minus expenses can be reported on my personal tax return and I do not need to pay the tax quarterly.

Can someone confirm that or am I making a big mistake by not paying tax on the money quarterly? I have made under 2000 this year.

hw15
04-06-2006, 05:09 PM
You are mostly correct.

You do need to file your business's profits/losses on your personal tax return, form 1040. You will also need to attach Schedule C outlining the buiness profits, expenses, etc.

However, you MUST send in quarterly payments to the IRS using Schedule C!

You should read IRS publication 505 about estimated tax payments.

http://www.irs.gov/businesses/small/index.html