Depending how much tax you owe, it is not too late to open a SEP or IRA. You have until April 15 to open. Instead of paying the IRS, you pay yourself. You will have to pay tax on the money as you take distributions, and there are hefty penalties for withdrawing before 59-1/2. That is one downside, but the upside is the money you pay IRS you’ll never see again. SEP and IRAs are retirement accounts and not taxed until you withdraw.
Quarterly taxes are different — that money actually goes into your Social Security. While you can’t survive on Social Security alone after you retire, it can be a supplement to a retirement account. A good financial planner is amazing. |
| Messages in this Thread |
|  Taxes - feelings screwed this year - Jennifer Mumford on 2/20/21 9:42pm |
|  Re: Taxes - feelings screwed this year - Carolyn Bodley on 2/20/21 11:46pm |
|  No, in CA, we can charge per sig notarized, not per stamp. n/m - JanetK_CA on 2/20/21 11:53pm |
|  Re: No, in CA, we can charge per sig notarized, not per stamp. - Jennifer Mumford on 2/21/21 12:22am |
| Yes. You pay SE tax only on what remains after the notary -  MW/VA on 2/21/21 7:40am |
| Re: Schedule C - Carolyn Bodley on 2/21/21 8:23am |
| Re: Schedule C - Luckydog on 2/21/21 11:05am |
| Re: IRS.gov topic 36 Penalty for underpayment of estimated - Carolyn Bodley on 2/21/21 12:22pm |
|  Topic 306 - Linda_H/FL on 2/21/21 12:30pm |
|  Re: Topic 306 - Carolyn Bodley on 2/21/21 12:49pm |
|  Re: Topic 306 - Luckydog on 2/21/21 3:23pm |
|  Many businesses file quarterly returns along with - Linda_H/FL on 2/21/21 4:37pm |
| Re: CPA’s tax program and now TurboTax has always calculated - Carolyn Bodley on 2/21/21 12:52pm |
| The IRS can charge a penalty is you owe $1,000 or more. - MW/VA on 2/21/21 1:49pm |
| Re: Topic 306 - JanetK_CA on 2/21/21 4:46pm |
| Re: Definitely easier to make 4 smaller quarterly payments - Carolyn Bodley on 2/21/21 4:56pm |
| Re: Topic 306 - Jennifer Mumford on 2/21/21 5:04pm |
| Re: Topic 306 - KimmyMD on 2/22/21 8:44am |
| Re: Topic 306 - Luckydog on 2/22/21 8:47am |
|  Re: have never been incorporated; operate as IC dba - Carolyn Bodley on 2/22/21 9:31am |
|  Re: have never been incorporated; operate as IC dba - Luckydog on 2/22/21 12:48pm |
| That has nothing to do with it. - JanetK_CA on 2/22/21 3:29pm |
| Re: That has nothing to do with it. - Luckydog on 2/22/21 6:58pm |
| Re: That has nothing to do with it. - Carolyn Bodley on 2/22/21 9:14pm |
| Re: Taxes - feelings screwed this year - ananotary on 2/21/21 8:53am |
| Re: Taxes - feelings screwed this year - Cheryl Elliott on 2/21/21 10:49am |
| Re: Taxes - feelings screwed this year - Jennifer Mumford on 2/21/21 11:10am |
| Don't feel too bad. Last year was really busy & I'm owing - MW/VA on 2/21/21 1:47pm |
| Re: Don - Luckydog on 2/21/21 8:17pm |
| Re: You don’t pay your CPA quarterly - you mail $ yourself - Carolyn Bodley on 2/21/21 9:33pm |
| Re: You don’t pay your CPA quarterly - you mail $ yourself - KimmyMD on 2/22/21 8:47am |
| Re: Taxes Direct pay - Clem/CA on 2/21/21 12:06pm |
| Re: Taxes Direct pay - Jennifer Mumford on 2/21/21 5:06pm |
 | Re: Financial planners, SEPs, IRAs - Carolyn Bodley on 2/21/21 10:03pm |
| This ^^^^^^^^^^^^^^^ n/m - ananotary on 2/21/21 10:40pm |
| Re: This ^^^^^^^^^^^^^^^ - Luckydog on 2/22/21 8:49am |
| Re: Financial planners, SEPs, IRAs - JanetK_CA on 2/21/21 11:32pm |
| Re: Financial planners, SEPs, IRAs - Carolyn Bodley on 2/22/21 7:05am |
| Re: 1040-ES - Carolyn Bodley on 2/22/21 8:05am |
| Re: 1040-ES - JanetK_CA on 2/22/21 3:55pm |
| Re: must make profit 3 out of 5 years - Carolyn Bodley on 2/22/21 5:19pm |
| Re: must make profit 3 out of 5 years - VT_Syrup on 2/22/21 6:07pm |
| Re: must make profit 3 out of 5 years - Luckydog on 2/23/21 7:19am |
