Other Quarterly Question...

[Lyss]

I'm wondering about doing taxes quarterly. I've just started my business and will begin care next month, I have families already set up to attend. I'm not currently licenced but I'm in the process of becoming a registered home care facility through my state (OR) agency.

Taxes are like a foreign language to me already, so please forgive me if I ask some less than intelligent questions.

I tried reading the instructions for filling quarterly but I'm a bit confused.

I'm married and usually in the past my husband and i have gotten a substantial amount back. My husband always gets a good amount back regardless of what I have made because he withholds at a higher rate. We expect him to get back what he usually does but I don't really want to tap into that to pay my taxes as that is what we put into any medical debt that we accrue during the year. I'd rather pay as i go.

I've never done this before so how would I figure out what to file quarterly? add all my expected income for the year right? If it changes do I adjust my next quarterly payment to what my new expected income is?

If I file quarterly for my business how will that affect our (my husband and I's) taxes at the end of the year?

Or am I just making it harder than it needs to be?

[wdmmom]

If you get a refund, there is no need to file quarterly taxes. If you are worried about not getting as much back, take out 20% of your earnings per quarter.