Taxes: Do You File Quarterly or Yearly?

[Izzyjenni]

Childcare provider

What if you started your business mid year and this is your first year? How can I file quarterly if I don't know my estimated taxes. Since I worked a regular salaried job for 6 months and now do childcare what then. Do I wait till the end of the year to file this first year and then next year file quarterly?

[TomCopeland]

estimated taxes

What if you started your business mid year and this is your first year? How can I file quarterly if I don't know my estimated taxes. Since I worked a regular salaried job for 6 months and now do childcare what then. Do I wait till the end of the year to file this first year and then next year file quarterly?

A rough estimate of how much tax you will owe on your income is 20%. Send this amount in for the last quarter (deadline of January 15, 2015). See my article on this: "How to Estimate Your Estimated Taxes in Your First Year in Business."