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CREDITWRENCH-TheTruth

This blog is dedicated to illustrating the depths of depravity to debt collectors and their cronies who infest various message boards spewing their spam, insults and filth can and do sink. They will stop at nothing to berate others while trying to elevate their own perceived worth.

Tuesday, February 07, 2006

New Post/Thread Notification: CreditWrench IRS TAX FORUM

Hello,

formalizingBusiness has just posted in the CreditWrench IRS TAX FORUM forum of CreditWrench under the title of Do I need to file a tax form for 2006 Q1?.

This thread is located at http://www.creditwrench.com/consumers/showthread.php?threadid=1041

Here is the message that has just been posted:
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I would say yes however. If you are supposed to file and don't eventually it will catch up with you because they IRS will charge you fees and penalties for filing late.

How much is the penalty fee (I'm just curious to know)?

Also the due date is April 15th (for this quarter)?

Quickbooks and other software is very helpful to assist you in determining your tax liability. I use QB and it calculates and prints the 941 for me. I think QB can be setup to do the state form also, but it only takes about 10 minutes to fill it out my state form so I never bothered trying to figure it out.
What software should I use? The company's business will be an internet business. QuickBooks, TurboTax or else?
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New Post/Thread Notification: CreditWrench IRS TAX FORUM

Hello,

formalizingBusiness has just posted in the CreditWrench IRS TAX FORUM forum of CreditWrench under the title of Do I need to file a tax form for 2006 Q1?.

This thread is located at http://www.creditwrench.com/consumers/showthread.php?threadid=1041

Here is the message that has just been posted:
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No. The Form 941 is always due the last day of the month following the last month of the quarter. That makes it April 30th for this quarter. Do you have an EIN yet?

Have one, but I may need to get a new one if I decide to pay tax differently.

That's up to you. I've only used QB for my accounting and payroll. It has worked well for me. I own an automobile repair shop so I have a management program I also use that is designed just for auto repair. What does your accountant recommend?
Still looking for one. I think I need to a little more research to see what works best for me.

... so I'm at a very very early stage of operating the business.
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New Post/Thread Notification: CreditWrench IRS TAX FORUM

Hello,

ICU812 has just posted in the CreditWrench IRS TAX FORUM forum of CreditWrench under the title of Do I need to file a tax form for 2006 Q1?.

This thread is located at http://www.creditwrench.com/consumers/showthread.php?threadid=1041

Here is the message that has just been posted:
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How much is the penalty fee (I'm just curious to know)?Back around 1990 the late fee was $50.00. Don't know what it is today. A penalty was assessed by use of a percentage based on how much money you owed them and how late you are. I can't tell what those figures are.

Also the due date is April 15th (for this quarter)?No. The Form 941 is always due the last day of the month following the last month of the quarter. That makes it April 30th for this quarter. Do you have an EIN yet?

What software should I use? The company's business will be an internet business. QuickBooks, TurboTax or else?That's up to you. I've only used QB for my accounting and payroll. It has worked well for me. I own an automobile repair shop so I have a management program I also use that is designed just for auto repair. What does your accountant recommend?
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New Post/Thread Notification: CreditWrench IRS TAX FORUM

Hello,

ICU812 has just posted in the CreditWrench IRS TAX FORUM forum of CreditWrench under the title of Do I need to file a tax form for 2006 Q1?.

This thread is located at http://www.creditwrench.com/consumers/showthread.php?threadid=1041

Here is the message that has just been posted:
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If you don't already have a competent accountant get one. He can answer questions like that. I would say yes however. If you are supposed to file and don't eventually it will catch up with you because they IRS will charge you fees and penalties for filing late. I too am self employed, but my business is inc.'ed so I am an employee of the corp. When times have been so bad that I couldn't take a paycheck I still had to file a Form 941 with the feds, but it had all zeros on it. Same with the state forms. Quickbooks and other software is very helpful to assist you in determining your tax liability. I use QB and it calculates and prints the 941 for me. I think QB can be setup to do the state form also, but it only takes about 10 minutes to fill it out my state form so I never bothered trying to figure it out.
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New Post/Thread Notification: CreditWrench IRS TAX FORUM

Hello,

formalizingBusiness has just posted in the CreditWrench IRS TAX FORUM forum of CreditWrench under the title of Do I need to file a tax form for 2006 Q1?.

This thread is located at http://www.creditwrench.com/consumers/showthread.php?threadid=1041

Here is the message that has just been posted:
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I'm reading "Tax Savvy for Small Business" by Nolo, and I find the following statement:

Are business owners employees?

Sole proprietors, limited liability company members and partners are neither employees nor independent contractors of the business. Those owners don't have to fool with payroll tax withholding and paying. Instead, the owners mail quarterly estimated taxes to the IRS. However, working shareholders/owners of corporations - C or S corporations - are employees and subject to payroll taxes.

Source - Tax Savvy for Small Business, Nolo

I have a company formed in 2006 Q1, but the company has not made any money yet for variety of reasons. Also I have some priority, and I may not be able to finish up some administrative work so that the company will start making money (I am making money as an individual as of right now). Do I still need to file a tax form for 2006 Q1 or I can disregard it (and starting filing a form or three in 2006 Q2 or 2006 Q3)?
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