I'm self employed with my Pest control business can I pay my taxes yearly?

I just started my pest control company last June. Its just me ( no other employees ) and was wondering if I can pay my taxes yearly rather ten quarterly? Also what other taxes or fees do I have to pay?





www.asapest.comI'm self employed with my Pest control business can I pay my taxes yearly?
There is no option to pay Estimated Tax annually. But you may be able to avoid estimated tax payments if (1) you have no taxable income (many start-ups experience this their first few quarters in business) or (2) you withhold the bulk of your tax liability through some other means (e.g., from the paycheck you get from your day job that you continue to work while you run the pest business on the side). But if the pest business is your primary source of income (as it sounds like it is), you'll need to file Estimated Tax quarterly.





Other Taxes


In most instances you will also have to pay (1) state and possibly local income tax, (2) state/local tangible personal property tax for any tangible assets owned by the business; (3) Federal and State Payroll Taxes (i.e. Social Security and Unemployment, aka FICA %26amp; FUTA). Finally, you'll have to pay sales tax on items purchased for use in your business. It sounds like you're a service business so you shouldn't have any inventory held for resale. If so, you'd need a sales tax exemption from the state/local government exempting you from tax on the purchase of the inventory but you'd be required to collect tax from the customer when you sold the item. Finally, make sure you're locality or state does not require you to collect sales tax on your pest control services. If so, you'd need to register for this tax and collect it from customers each time you did a job. Otherwise, you'd be responsible for paying it.





In a nutshell, start-up business taxes can be more daunting than many people expect. You should consult the IRS website or good tax accountant or tax attorney.


-eroche@hrtaxlaw.comI'm self employed with my Pest control business can I pay my taxes yearly?
Yes, you can. But is that the correct way of doing it? No.





I know of some small business owners who pay their tax once a year....and of course, they must pay a penalty. but they tell me that the penalty is cheaper then paying a tax preparer 4 times a year.