Estimated Quarterly Taxes

[JustUsTrucking]

Frank: How does one begin to estimate the quarterly taxes due to the IRS?? We are a brand spanking new husband/wife owner operator team leasing back to Panter II. No intention of incorporating. No prior experience to draw from, therefore we have no clue as to what our income will be in 2005. In my research, it seems like the advise is to go based off last years income tax records, however that will not be applicable in our situation. We plan to hit the road 1/2005. I am nervous we will guess low and have to pay a penalty at the end, alternatively who wants to pay more than they have to? Thanks in advance for your help.

 

[Fkatz]

hI JUST US TRUCKING,

SINCE YOU WILL NOT BE STARTING IN YOUR VENTURE UNTIL AFTER THE 1ST OF THE YEARS YOU WILL NOT HAVE TO PAY QUARTERLY TAXES UNLESS YOU WOULD LIKE TO. BUT YOU WOULD HAVE TO BASE IT ON THE 1ST QUARTER INCOME AND THEN PAY THE TAX NO LATER THAN APRIL 15TH FOR YOU QUARTERLY.
BUT INORDER TO FILE A QUARTERLY YOU WILL SOME WAY HAVE TO FIGURE OUT THE EXPENSE FOR THE QUARTER TO COME UP WITH YOUR TAX DUE

FIRST OF ALL WHAT TYPE OF UNIT DO YOU PLAN ON GETTING OR ALREADY HAVE.
dO YOU HAVE AN ACCOUNTANT OR BOOKKEEPER FOR THIS VENTURE. AND IF YOU DO NOT, I OFFER MY SERVICES. OR IF YOU ARE FAMUILAR WITH KEEPING BOOKS THAN YOU CAN USE ANY TYPE OF BOOKKEEPING SOFTWARE, (QUICKEN,LASSER) OR SPREADSHEET


fRANK

 

[JustUsTrucking]

We are purchasing a D Unit (2005 Sterling) Have not yet contacted an accountant and am interested in knowing what you charge to keep the books?? To be honest, I'd use your services for the first year while I learn the ropes and have you do the annual income tax filing's each year. What would that cost?

 

[Fkatz]

We are purchasing a D Unit (2005 Sterling) Have not yet contacted an accountant and am interested in knowing what you charge to keep the books?? To be honest, I'd use your services for the first year while I learn the ropes and have you do the annual income tax filing's each year. What would that cost?

Hi Again,

Please send me your regular E-mail Address to [[email protected]] where i can give you the particulars on bookkeeping and return preparation
due to the fact that there are different costspertaining to each unit involved.
Frank