According to the IRS, the required estimated tax payment for certain small businesses has decreased.
For certain small businesses, the required estimated tax payment for the year is the lesser of 90% of your 2008 tax or 90% of your estimated 2009 tax. This rule applies to individuals who satisfy all of the following:
- Your business had an average of fewer than 500 employees in 2008.
- More than 50% of your gross income from 2008 was income from your small business.
- Your AGI for 2008 was less than $500,000 ($250,000 if married filing separate returns in 2009).
To see what else is new in estimated taxes for 2009, check out our New for 2009: Estimated Tax Guide.
