Oh Oh, Might have to take a tax hit, got a HUGE profit thoughts?

[Bob111]

Quote from shortie:

as far as estimated taxes goes, i think, as long as you pay 90 or 100% of the PREVIOUS year taxes you are fine. for example if you earned 30K last year and paid 5K in taxes, you just pre-pay ~5K for 2009 tax year and IRS won't penalize you. you may own 70K on april 15, but are still allowed to pay only 5K before december 2009.

google "safe harbor tax"

yes. you are right. i completely forgot about it. OP probably scared sh**ss

 

[professorkev]

no , not scared shitless. I'm ewxpecting some tax hit of course, Just was not aware of the 1/4 payments, always thought you could just mail uncle sam a check whenever. I'm meeting in one week with CPA.