Dirtyhip Posted January 19, 2019 Share #1 Posted January 19, 2019 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" Link to comment Share on other sites More sharing options...
donkpow Posted January 19, 2019 Share #2 Posted January 19, 2019 18 minutes ago, Dirtyhip said: I need a tax attorney. Link to comment Share on other sites More sharing options...
Wilbur ★ Posted January 19, 2019 Share #3 Posted January 19, 2019 I pay quarterly, it makes me less hateful of the government and social freeloaders that way. 1 1 Link to comment Share on other sites More sharing options...
Longjohn ★ Posted January 19, 2019 Share #4 Posted January 19, 2019 When I retired I knew I owed a lot of tax. I was hoping the penalty wasn’t too much. It really wasn’t that bad, I forget the percentage. Then as I read more I realized I didn’t have to pay the penalty the year I retired because of the way they set up Social Security online. Link to comment Share on other sites More sharing options...
shootingstar Posted January 19, 2019 Share #5 Posted January 19, 2019 2 hours ago, Dirtyhip said: 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. It is one of the most esoteric areas of law. Other lawyers dislike tax law because it's quite technical. They will tell you that. Link to comment Share on other sites More sharing options...
Scrapr ★ Posted January 19, 2019 Share #6 Posted January 19, 2019 The 100% of previous year tax is my get out of jail free card. Have used it several times. Any fines after that are small 1 Link to comment Share on other sites More sharing options...
Dirtyhip Posted January 19, 2019 Author Share #7 Posted January 19, 2019 1 minute ago, Scrapr said: The 100% of previous year tax is my get out of jail free card. Have used it several times. Any fines after that are small Thank you. That is what I thought. Game on. Although, this year, I may pay my estimated, or slightly below estimated. Link to comment Share on other sites More sharing options...
Ralphie ★ Posted January 19, 2019 Share #8 Posted January 19, 2019 18 minutes ago, shootingstar said: It is one of the most esoteric areas of law. Other lawyers dislike tax law because it's quite technical. totally insane! Link to comment Share on other sites More sharing options...
shootingstar Posted January 19, 2019 Share #9 Posted January 19, 2019 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. Link to comment Share on other sites More sharing options...
JerrySTL ★ Posted January 19, 2019 Share #10 Posted January 19, 2019 30 minutes ago, shootingstar said: It is one of the most esoteric areas of law. Other lawyers dislike tax law because it's quite technical. They will tell you that. My son is a CPA and he hates doing taxes. 2 1 Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted January 19, 2019 Share #11 Posted January 19, 2019 4 hours ago, Wilbur said: I pay quarterly, it makes me less hateful of the government and social freeloaders that way. I wish i could get a piece of your cut. As it stands, you're paying enough to all those Canadian freeloaders. ? Link to comment Share on other sites More sharing options...
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