Estimated Taxes?

[Rage9]

If I remember correctly, the penalty for not paying your estimated quarterlies (or underpaying them) is ~3%.

Tell me where you can get a business loan with a 3% interest rate :evil_laughter:

If you're a bank, The Fed! :uhoh2:

Also if you are going to make more this year, if you just pay what you did last year there is no penalty for the unpaid balance.

Also I think there is like a 10% buffer of error built in to it as well. So if you paid 8% less than you where suppose to, no penalty.

 

[jhoffy22]

If you're a bank, The Fed! :uhoh2:

Also if you are going to make more this year, if you just pay what you did last year there is no penalty for the unpaid balance.

Also I think there is like a 10% buffer of error built in to it as well. So if you paid 8% less than you where suppose to, no penalty.

Yeah, it's a cushion for income fluctuations. Say I made $100k last year of taxable income. If I estimate that I will make $150k of taxable income this year, I won't get penalized as long as I pay at least 90% of what I paid last year, quarterly.

I just confused myself a little bit.

 

[Rage9]

I have been using https://www.eftps.gov/eftps/ for a couple years, it is pretty easy once it is set up and I haven't had any issues so far

Oh, and if you want to pay it online through here, don't wait to sign up until the last minute because they need to mail you a pin I think. Get on it now.

 

[Zaino]

You'll end up paying more than 25%. They charge you penalties + interest if you don't pay quarterly.

They charge you with an estimated tax penalty, interest only after the 15th.

 

[Zaino]

^ Case by case basis - if the gov wants to fux with you this is a good way to do it. Just finished paying a 26K fine because the guv lost my paperwork from 2009 and didn't tell me for 3 years then hit me with a fine for not having my papers filed (yet submitted, and money paid) - 50% fine + comp.interest for 3 years . I fought it like a mofo but here the tax courts are owned by the cra so it's useless... Anyway, more money more taxes. I didn't 'have to' pay quarterly until I started making bigger monies.

Send docs. to your Revenue Officer via Fed Ex with a tracking number. They somtimes pull that shit, but bammo, we have confirmation that it was signed for.

 

[pewep]

Send docs. to your Revenue Officer via Fed Ex with a tracking number. They somtimes pull that shit, but bammo, we have confirmation that it was signed for.

They wouldn't be a fucking problem whatsoever if you just gave them your account + routing number and a date when to withdraw. That's what I always do and I've had ZERO problems so far.

 

[productionhead]

give them your account + routing number and a date when to withdraw. That's what I always do and I have ZERO dollars so far.

fixed

 

[Zaino]

They wouldn't be a fucking problem whatsoever if you just gave them your account + routing number and a date when to withdraw. That's what I always do and I've had ZERO problems so far.

Pew unless you make over 25k or so you get money back, stop pretending.

 

[pewep]

Pew unless you make over 25k or so you get money back, stop pretending.

That's not true at all. I still paid my taxes when I made less than that. You don't have to worry about federal as much as state taxes, but it is what it is.

 

[Zaino]

Ya back when Bush was pres. Obama has it so people get more money back then they paid in. Talk about hope and change....

 

[K-Noop]

Pew unless you make over 25k or so you get money back, stop pretending.

Yeah, you actually pay 10% at 25k. I personally think any household under 30k shouldn't pay taxes.

 

[(O_o)]

I always pay the penalty.

I have never ever received money back from the government or a tax return. always amazed and LOL when a friend saids "YEA i got 3k back". must be nice to be a wage slave!

 

[efeezy]

I try to pay as much of the estimated quarterly as I can. Sometimes I'll skip the April estimated payment, because I can't swallow paying those PLUS whatever else I owe from the previous year. Then I just pay the penalty for the portion I missed at the end of the year.

Each year when my CPA does my taxes, he sends me the 1040V payment vouchers for what he estimates the current years taxes will be, based on the previous year income. I just mail those in to the state & feds each quarter with a check. Pretty simple

 

[efeezy]

I always pay the penalty.

I have never ever received money back from the government or a tax return. always amazed and LOL when a friend saids "YEA i got 3k back". must be nice to be a wage slave!

Yeah no shit huh? My friends are always planning vacations on their tax refunds. Meanwhile I'm writing a 25k check to the feds. I haven't received a refund in 10 years.

 

[Unarmed Gunman]

I pay the penalty every year because I'm a lazy fuck.

 

[(O_o)]

Yeah no shit huh? My friends are always planning vacations on their tax refunds. Meanwhile I'm writing a 25k check to the feds. I haven't received a refund in 10 years.

LOL yea. my buddy got 3k back and is going to use it to take him and his gf on a cruise. how fucking cute.

I pay the penalty every year because I'm a lazy fuck.

this 100%



Every single year when I am doing my taxes, I see all the deductions and shit you get if you are married and have kids and I always think "I need to get married and have kids just for the tax benefits" haha

 

[Grindstone]

I don't pay the quarterlies, yet to get penalized? Maybe this year.

I think you should only get to vote for municipalities you pay taxes in. Property and business taxes? City, county and state elections. State income tax? State elections. Paying the IRS? You get to vote for congress and the prez. Not by proxy either. Shit would change quick. Fucking thieves.

 

[WickedSick]

Sucks we all have to be scared of those fags.

 

[Zaino]

I always pay the penalty.

I have never ever received money back from the government or a tax return. always amazed and LOL when a friend saids "YEA i got 3k back". must be nice to be a wage slave!

I used to have an S corp, was on the books, got 5-7k back 2 or 3 times. Upped my dependents 1 and it evened out a little, but still got $$ back.

 

[vipervin]

Speaking of taxes, anyone have any advanced tax strategies? I can only deduct my rounds of golf as a business expenses so many times.