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Asked 12/27/2007
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How to pay quarterly taxes as a realtor? I'm a new realtor and need information on how to pay quarterly taxes? Also, do I deduct business expenses from these payments or do I wait until I file my federal income taxes? |
Answer 1/1 - Submitted 12/27/2007
If you are a sole proprietor you will have to file taxes quarterly just like most people do annually. You'll do your taxes and expenses for every quarter.
Your taxes will be due on January 15, April 15, June 15t and September 15.
You'll determine your total tax for the year, divide that amount into 4 equal payments to get what you will owe each quarter.
You should read the IRS Publication 505 which has detailed info on taxes and a worksheet that will help you estimate your payments:
http://www.irs.gov/pub/irs-pdf/p505.pdf
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