Quarterly Filing

[Jbelon87]

I recently started a contracting business. My business is registered as a sole proprietorship in the state on WV, however I live in OH. Are sole proprietorships required to quarterly file? My company hasn’t actually become “live” yet, I haven’t started advertising or accepting job, however I have done under $5k of work for local people. Am I required to quarterly file?

[LoraineG]

You are required to do estimated tax payments if you expect your tax liability to be $1,000 or more.  That tax liability is calculated out of the adjusted gross income (income from all sources) and if there's a net profit in your business, meaning income exceed the expenses.  You can use the Self-Employed Tax Calculator found here to help you determine if you need to make estimated tax payments or not.