[ale] [OT] sole proprietary taxes

[Tim LaCroix]

1) From the 500es form: Each individual or Fiduciary
subject to georgia income tax who reasonably expects
during the year to have gross income which exceeds
1)personal exemption plus 2) credit for dependants
plus 3) plus estimated deductions plus 4) $1000 income
not subject to withholding.

So if you file single without any dependants and make
over $6400 that you don't have withholding on, you are
required to file a 500es with the state. Increase that
by $700 if you are married filing jointly and $1300
for each dependant. Minus deductions of course. 

I have no idea about the federal since I never do any
federal stuff.

You are correct about the 500es for the state, the
best way to estimate is to go with 6% of your gross. I
am actually a Revenue agent with the GA dept of
revenue, so I get this one a lot, it may be
advantageous to go and incorporate or become a sole
proprietor and itemize to minimize the amount of tax
payed. Also you can take itemized deductions for gifts
to non profits on your federal and state (this
includes churches for the religious in the crowd, make
sure to pay with checks for a paper trail, that way
you can support the GNU people or your church instead
of uncle sam if you wanted) 

One more note, if you are worried because you didn't
file and are due a refund you will not be penalized by
either federal or state for filing late, you have 3
years to file in that case. 

--- Jason Vinson <jason.vinson at mindspring.com> wrote:
> I have a question for the self-employed (contract
> work/sole proprietary) people out there.  I am
> trying to file my quarterly taxes and I have found
> the two forms I think I need to fill out, but I
> wanted to check with others who may be more
> experienced in this arena.  I have two questions:
> 
> 1.) Is it required to pay quarterly taxes when you
> are non-incorporated?
> 
> and
> 
> 2.) Are the forms for Sole Proprietary taxes 500 ES
> (for state) and 1040 ES (for federal)?  And am I
> missing anything else?
> 
> TIA,
> Jason
> _______________________________________________
> Ale mailing list
> Ale at ale.org
> http://www.ale.org/mailman/listinfo/ale


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