Transitioning to self-employment - how to transition tax dates?

Discussion in 'Accounting and Legal Advice' started by asherblack, Dec 21, 2009.

  1. asherblack

    asherblack New Member

    My wife and I each have been employed until December 2009. In Dec 2009 she started her own business and is no longer employed. In the same month, I went from running my own business part time to running it full time.

    1. Do we file two Schedule C/C-EZs with our one joint-married 1040 return?

    2. When do we start paying quarterly taxes? I think neither of us has to make estimated tax payments this coming Jan 2010, April 2010, June 2010, Sept 2010 -- won't need to until Jan. 2011 - because:

    * Both of us were employed thru all but 1 month of 2009, and employers withheld taxes.
    * Taxes are paid in current year for the previous year. I will have paid my taxes for all of 2009 on April 15 anyway. Do I need to file for both of us in January (next month)?

    Is this correct? If not, when and how should we be filing?
  2. BobFirestone

    BobFirestone New Member

    Talk to an accountant. Getting this wrong can become a lot more expensive than an hour with an expert.

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