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Traders: who does your taxes?
- Thread starter bat1
- Start date
You pay equally throughtout the year unlesss you make more in this year than you made in the last.
Then you quarterly payment goes up. This is very simple guys. And yes everyone files an extension.
Then you quarterly payment goes up. This is very simple guys. And yes everyone files an extension.
Quote from slowcpa:
est. tax payment are due equally throughout the year. if youre paying your tax bill on april 15 youll get hit with penalties and interest. there are some safe harbour rules.
yes extensions are free
Quote from Dr. Zhivodka:
You pay equally throughtout the year unlesss you make more in this year than you made in the last.
Then you quarterly payment goes up. This is very simple guys. And yes everyone files an extension.
Thatâs really incorrect. IF you made say 200k in 2007 then you would have to pay 110% of your tax liability in quartly estimates for the next year not to incur any interest. SO if your tax bill for 2007 was $60,000 then your estimated tax bill for 2008 would be $66,000 total or $16,500 per quarter.
Now suppose in 2008 you made 10 million, your estimated tax payments for each quarter of that year would still be ONLY $16,500. The great thing about this is you can hold all the money in a bank account earning interest until you have to pay your full tax amount by 4/15/09. someone who has a 225,000K payment due in 4 days should know that, this is why I donât believe your story. but i do agree everyone files an extension.
Who in their right mind doesn't
push an accounts payable as far into the furture as possible?
That still doesn't preclude one from paying up on his quarterly date of 4-15.
push an accounts payable as far into the furture as possible?
That still doesn't preclude one from paying up on his quarterly date of 4-15.
Quote from slowcpa:
its also been said that your odds of being audited are reduced by filing an extension.
apparently, some say, 95% of returns chosen for examination are chosen within a few months of april 15. ymmv
Yes..exactly right. And my 2007 income skyrocketed and due to my own negligence and poor advice I'm getting whacked now on 4-15-08
Quote from KeithOmalley:
Thatâs really incorrect. IF you made say 200k in 2007 then you would have to pay 110% of your tax liability in quartly estimates for the next year not to incur any interest. SO if your tax bill for 2007 was $60,000 then your estimated tax bill for 2008 would be $66,000 total or $16,500 per quarter.
Now suppose in 2008 you made 10 million, your estimated tax payments for each quarter of that year would still be ONLY $16,500. The great thing about this is you can hold all the money in a bank account earning interest until you have to pay your full tax amount by 4/15/09. someone who has a 225,000K payment due in 4 days should know that, this is why I donât believe your story. but i do agree everyone files an extension.