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If you have self income...


Dirtyhip

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I wonder how much income you can make, before you really should start making quarterly tax payments.  If we are always allowed to shore up by April 15th, then no rush right?  Collecting the interest on your owed tax money makes the most sense to me. I am just afraid of those penalties.

Tax laws are hard to read. I need a tax attorney.  I wish I could set up my my corp and have all my income go through the corp. 

"Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller. There are special rules for farmers and fishermen, certain household employers and certain higher income taxpayers. For more information, refer to Publication 505, Tax Withholding and Estimated Tax"

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Ralphie:  it is one of the last frontier areas of law that laypeople can't challenge and lobby /protest any govn't 'cause it requires friggin' accountants and tax lawyers to protest.  

It shocked me when I was working in tax law research how stupid some of the exemptions were..it's like a tax lawyer decided to put in an esoteric exemption for themselves or for clients with a particular narrow definition/ set of assets.

What is unknown to the general public is how much the global accounting firms in Canada and U.S., do lobby in different ways the tax authorities.  It's very real  ...and not known to the public.

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