Owner operator tax question

Only if you owe. If you manage to lose money in the business or get enough tax credits, you may get a refund....and no penalty

 

again it is not complicated once someone explains it but getting an accurate explanation from a forum is pretty much a test in patients - get an accountant who can walk you through it all.

 

Where did you get that information from?

 

My tax guy that used to do my taxes years ago. Unless something has changed. This was probably 10-11 years ago.

 

Even the IRS sees the logic in paying "0" in estimated taxes if you have "0" taxes due.

There is another rule about not needing to pay quarterly if you didn't make a profit the previous year (someone correct me if I mis-remember that one).

For the last five years, we've been building the business, and I've never paid quarterly estimates. Had to pay a few thousand for the first time last year, but no penalty.

 

GET AN ACCOUNTANT

The fastest way to pay taxes other than when you make the money is when the auditor says "you owe $18,304 ... will you pay in a check or credit card ... the credit card has a 5% surcharge ... "

AND YOU WILL PAY IT.

 

Not NJ but this is Lady OOIDA have on the radio show and magazine. (maybe she can give You some answer).

https://www.mbataxhelp.com/

Good luck!