General/ Business Taxes Flashcards by Terry Moorer

Q

When should a business start paying estimated quarterly taxes?

A

A business should start paying estimated quarterly taxes when that business expects to owe $1,000 or more in taxes. Businesses are required to pay estimated quarterly taxes if they expect to owe $1,000 or more in taxes for the year this help avoid penalties for underpayment.

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Q

What is the Permanently Disabled Deduction?

A

Unable to perform any type of gainfull employment, up to $35,000 of your income may be excluded for Georgia State tax purposes..

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