Posted by DogmongerCA on 6/15/06 10:23am
Msg #126155

Today quarterly taxes are due :-(

nm

Reply by MaryP/PA on 6/15/06 10:32am
Msg #126156

quarterly taxes for the IRS?

Reply by Debbietax_CA on 6/15/06 11:00am
Msg #126159

Yes, estimated tax payments are due today to the IRS and your state, if you estimate that you will owe next year.

Reply by MaryP/PA on 6/15/06 11:02am
Msg #126162

I don't estimate IRS because I work FT and am covered there but I'm thinking PA is due 7/15. I just paid my 1st quarter 4/15 I think it was.

Reply by Debbietax_CA on 6/15/06 11:21am
Msg #126165

You are right, it is now time for the second payment. For some reason they make you pay it a month early. The third payment won't be due until Sept, the 4th in Jan. This one tends to surprise peope though because it is early.

Reply by MaryP/PA on 6/15/06 1:12pm
Msg #126176

how can a 2nd payment be due if the 2nd quarter isn't finished. I think my pa tax is due 7/31.

Reply by Carolanne/PA on 6/15/06 1:28pm
Msg #126177

Estimated taxes are due for PA today.

Reply by Genkichan on 6/15/06 2:27pm
Msg #126192

Having a FT job outside of this one does NOT exclude you from having to pay estimated federal taxes on your SE income. Now, if you get a sizable refund each spring because you are claiming "zero" on your W-2, and aren't making a whole lot doing loan signings, you might be OK. But, if you end up owing the IRS at the end of the year because of your second income, and you haven't paid estimated taxes all year, you'll get hit with a penalty.

Reply by MaryP/PA on 6/15/06 2:43pm
Msg #126194

I have extra money taken out of my paycheck from my full-time job each week to cover myself. So far I have always received a refund from the IRS.

Reply by JanelWI on 6/15/06 7:57pm
Msg #126238

Re: Will I get a penalty if I wait until end of year to

pay my taxes? I estimate quarterly my tax amount and put that into a high yeild savings account. I guess I can call the IRS and find out for WI. Just wondering if anyone knew.

Reply by Debbietax_CA on 6/15/06 11:29pm
Msg #126288

Re: Will I get a penalty if I wait until end of year to

You might. It depends on a lot of factors. If you owe more than $1000 at tax time, if you had any tax liability last year, etc. For states, the amount is usually less than $1000 before they charge a penalty. Sometimes you can request a waiver of the penalty if it is incurred, but the main factor you have to consider is did you prepay or have withheld at least as much as you had to pay in taxes the year before? If you did not prepay at least 90% of that amount, they probably will penalize you if you owe.