Mystery Shopper's Manual

  • Blog
  • About
    • Privacy/Disclosures
  • The Mystery Shopper’s Manual
  • Mystery Shopping Companies
You are here: Home / Mystery Shopper Taxes / Estimated Taxes are Due for the Fourth Quarter of 2008

Estimated Taxes are Due for the Fourth Quarter of 2008

January 10, 2009 by Cathy Stucker

tax_reminderIf you pay quarterly estimated income taxes, remember that your fourth-quarter estimated tax payment (using form 1040-ES) for 2008 is due on January15, 2009. You may delay making this payment until Jan. 31 if you file your 2008 return (Form 1040) and pay any tax due by February 2, 2009.

Not sure if you have to pay? You can figure it out by consulting the IRS web site at http://www.irs.gov/publications/p505/ch02.html

Need to know more?

Here are some general rules about who has to pay estimated taxes:

If most of your income is from being an employee, and you have tax withheld from your paychecks at your primary job, you may not need to pay estimated taxes. (This could also apply if your spouse is the primary wage earner and s/he has taxes withheld from his or her check.)

You must pay estimated tax for 2008 if both of the following apply.

1. You expect to owe at least $1,000 in tax for 2008, after subtracting your withholding and credits.

2. You expect your withholding and credits to be less than the smaller of:
1. 90% of the tax to be shown on your 2008 tax return, or
2. 100% of the tax shown on your 2007 tax return. Your 2007 tax return must cover all 12 months.

You can download the 1040-ES form for paying your estimated income taxes, along with the instructions and more information about estimated taxes at http://www.irs.gov/pub/irs-pdf/f1040es.pdf

Filed Under: Mystery Shopper Taxes Tagged With: estimated taxes, Income tax, Internal Revenue Service, Mystery Shopper Taxes

« Save Toner – and Money – With This Free Font
What is Ahead for Mystery Shoppers in 2009? »

Comments

  1. crawdaddydoo92 says

    January 12, 2009 at 4:00 am

    What percentage of shoppers actually make enough to need to file this way? I’d assume a fair amount since you’re blogging about it. even doing shopping, merchandising, thearter, and auditing I still don’t make anywhere near enough to do it this way. Heck my total income isn’t much more than what I’d need to owe in taxes to file this way.

  2. Cathy Stucker says

    January 18, 2009 at 7:30 pm

    In general, you need to file estimated taxes if you will owe more than $1000 in taxes when you file your return. People who do a little mystery shopping here and there are unlikely to owe this much and would not have to file quarterly.

    If the shopper (or the shopper’s spouse) has a job where taxes are withheld, a simple way to avoid paying quarterly estimated taxes is to have a little extra withheld by the employer.

    However, someone for whom mystery shopping is a significant source of income, or who does other work as an independent contractor (in addition to mystery shopping) may be required to file quarterly. Of course, it also depends on the total amount of income and what deductions and credits apply. Each situation is unique.

Mystery Shopping Companies

Updated 4/20/18! Access my free curated list of more than 150 legitimate mystery shopping companies.

Scam Warning

If you received a check or money order with instructions to cash it and wire money to someone, DON'T DO IT! This is a scam.
Click here to learn more about
mystery shopper scams.

Get ‘The Mystery Shopper’s Manual’

NEW 7TH EDITION!

Get your personally autographed copy of The Mystery Shopper's Manual here.
mystery-shoppers-manual-3d

Connect with Cathy

Follow Me on FacebookFollow Me on Google+Follow Me on TwitterFollow Me on LinkedInFollow Me on YouTubeFollow Me on PinterestFollow Me on RSS

Recent Articles

  • Do Millionaires Mystery Shop?
  • Mystery Shopper Resolutions
  • Mystery Shopping for Mystery Shopper Pros
  • Keep the “Secret” in “Secret Shopper”
  • The McDonald’s Receipt Hack

Categories

Applying to Mystery Shopping Companies Customer Service Dealing with Mystery Shopping Companies Dealing with Shopping Emergencies Employees and Mystery Shopping Grammar and Spelling Green Mystery Shopping Hazards of Mystery Shopping Holiday Mystery Shopping How to Become a Mystery Shopper Identity Theft Independent Contractor Issues Industry News Make Money Online Memory Improvement Money and Mystery Shopping Mystery Shopper Certification Mystery Shopper Ethics Mystery Shopper Fun Mystery Shopper Jobs Mystery Shopper Scam Mystery Shopper Scheduling Companies Mystery Shopper Secrecy Mystery Shopper Taxes Mystery Shopper Tools Mystery Shopping Clients Mystery Shopping Company Mystery Shopping Pay Mystery Shopping Providers Association Mystery Shopping Recordkeeping Mystery Shopping Resources Online Security Opportunities for Mystery Shoppers Preparing for the Mystery Shop Profitable Mystery Shopping Secret Shopper How-To Secret Shopper Quick Tips Secret Shopping and the Law Secret Shopping Confidentiality Sticky Secret Shopper Situations Technology and Secret Shopping Types of Mystery Shops Video Mystery Shopping Working Online Writing Mystery Shopper Reports

Copyright © 2004 - 2023 · Cathy Stucker

Copyright © 2023 · Beautiful Pro Theme on Genesis Framework · WordPress · Log in