Ok, well I am married and my income between my wife and myself are going to probably make around $75,000 (after business expenses) this year. We haven't paid taxes on my income and my wife is on disability from a recent car crash which made her lose her job at the beginning of this year.
Since I haven't paid any estimated taxes, what kind of penalties am I in for.
My wife and I had about 30K in debt last year that we just finished paying off and now I am saving up for Jan 15'th to hopefully pay down the taxes.
If I didn't make any tax payments, what kind of tax penalties am I looking at - also if I owe taxes on 75K (filing jointly) what can we estimate my tax amounts will be and what interest / penalties am I liable for?
I wish I was smarter from the start, this is my first business and I am only 24, and should have been working with an accountant from the start...
Also, I live in Arizona - what issues should I consider with Arizona as well?
Since I haven't paid any estimated taxes, what kind of penalties am I in for.
My wife and I had about 30K in debt last year that we just finished paying off and now I am saving up for Jan 15'th to hopefully pay down the taxes.
If I didn't make any tax payments, what kind of tax penalties am I looking at - also if I owe taxes on 75K (filing jointly) what can we estimate my tax amounts will be and what interest / penalties am I liable for?
I wish I was smarter from the start, this is my first business and I am only 24, and should have been working with an accountant from the start...
Also, I live in Arizona - what issues should I consider with Arizona as well?