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Re: Topic 306
Posted by  JanetK_CA of CA on 2/21/21 4:46pm Msg #629718
I've never heard this before. That may be an option, but I don't believe it's a requirement to have the IRS do the calculation for us. What IS a requirement, and something we all should be doing, is making some kind of quarterly estimated payment for what we believe we might end up owing on our taxes at the end of the year. It might also be easier making four smaller payments rather than having to come up with a big payment when filing.

As someone else said, I believe there are certain income thresholds where we're required to pay at least a certain percentage of estimated tax due as we go (i.e. at least quarterly) or fines are applied. If we're going to be owing something when we do our return, it just makes good sense to send in some kind of estimated payment.

The forms are available online (http://www.irs.gov/pub/irs-pdf/f1040es.pdf) and include just about anything you'd want to know on the issue, including a form to use to calculate amount to pay. However, we don't have to include any documentation of how we come up with the amount being sent until we file our actual return. There also are due dates for each of those quarterly payments, so I suggest marking them on calendars in advance.
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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: CPAís 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 donít pay your CPA quarterly - you mail $ yourself - Carolyn Bodley on 2/21/21 9:33pm
 Re: You donít 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



 
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