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re: Best way to allow withholding to sit for tax season?
Posted on 2/26/17 at 9:26 pm to rpg37
Posted on 2/26/17 at 9:26 pm to rpg37
LINK
Read toward the bottom on how to avoid penalties. Basically if you pay at least 100%, or 110% of you're a high earner, of what you paid in tax last year, you will avoid penalties.
Read toward the bottom on how to avoid penalties. Basically if you pay at least 100%, or 110% of you're a high earner, of what you paid in tax last year, you will avoid penalties.
1
Posted on 2/27/17 at 9:58 am to sneakytiger
You realize he said $6,000 in taxes right? So if he paid 100% of that he'd be paying $60,000 in income tax? Which means his income is around $250,000 or more? Maybe that's the case but most with that income have a CPA. I'm guessing he is not doing that.
As I said earlier OP, one of the easiest ways honestly is to just increase your w-2 tax withholding to where it's 90% or more of your taxes due. Then you don't have to pay quarterly taxes. You can even withhold an extra $X amount to do this, say $200/ month.
As I said earlier OP, one of the easiest ways honestly is to just increase your w-2 tax withholding to where it's 90% or more of your taxes due. Then you don't have to pay quarterly taxes. You can even withhold an extra $X amount to do this, say $200/ month.
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