I am a self-employed consultant as of this year, so I am responsible for both income and self-employment taxes. If I cover all income taxes due with estimated taxes during the year, but do not include funds to cover SE taxes until I file in 2009, will it appear on my filing next April that I have under-paid, incurring penalties and interest?
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This entry was posted by admin on December 16, 2009 at 2:25 pm under tax planning. Tagged Amount, April, Cover, Estimated, Estimated Taxes, Include, Income Taxes, Making, Need, Payments, Self Employment Taxes, Selfemployment, Tax Irs, Tax Payments, Taxes.
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Richard M says:
Your estimated payments are supposed to include all taxes due including Self Employment taxes.
December 16, 2009, 2:33 pmIf you don’t, you could have penalties for underpayment of estimated tax payments.
Mark S says:
Definately include an amount to cover the SE tax.
December 16, 2009, 2:40 pmDJ says:
Yes. Self employment taxes are supposed to be included in your quarterly payments.
December 16, 2009, 3:23 pm