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Coyote_Bandit Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-08-11 09:32 AM
Response to Reply #8
9. In the OP
I stated that I was helping this fellow figure out whether or not he was paying an adequate sum in estimated taxes.

The medical insurance and expenses are relevant because of their size and potential effect on taxable income at the end of the year. Those estimated taxes are based on anticipated taxable income not on net business income. Allowances have to be made for anything that might affect taxable income.

If you review the IRS 1040-ES calculation to compute estimated taxes you will find that it is necessary to estimate self-employment tax to do the calculation.
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  -Self employed folks, Health Insurance and Taxes Coyote_Bandit  Jun-07-11 09:00 AM   #0 
  - K&R. We need single payer for self-employed people. And everyone else, as well. nt  raccoon   Jun-07-11 09:13 AM   #1 
  - Self-employed need single payer as much as everyone...  Faryn Balyncd   Jun-07-11 10:56 AM   #2 
  - My jobs bill would focus solely on small business, especially sole proprietorships.  dkf   Jun-07-11 01:07 PM   #3 
  - Hey Hey  Coyote_Bandit   Jun-07-11 01:27 PM   #4 
     - I would make it an ADVANTAGE to be a small business person rather than a burden.  dkf   Jun-07-11 04:18 PM   #5 
  - For most self employed this is a non issue.  MedicalAdmin   Jun-08-11 07:50 AM   #6 
  - A non-issue if those in the family are without significant impairment  Coyote_Bandit   Jun-08-11 09:03 AM   #7 
     - Thanks for that clarification.  MedicalAdmin   Jun-08-11 05:20 PM   #10 
        - This is so depressing because it goes from bad to worse all the time.  Jefferson23   Jun-08-11 05:27 PM   #12 
  - I'm confused, or maybe you are  Lydia Leftcoast   Jun-08-11 09:08 AM   #8 
  - In the OP  Coyote_Bandit   Jun-08-11 09:32 AM   #9 
  - How much money did your friend donate to campaigns?  SoCalDem   Jun-08-11 05:22 PM   #11 
 

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