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re: Best way to allow withholding to sit for tax season?
Posted on 2/27/17 at 9:58 am to sneakytiger
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.
1
Posted on 2/27/17 at 11:07 am to baldona
I don't follow your math, but it's pretty simple. Depending on his earnings, as long as he's comfortable that he's withholding 100 (or 110 if a high earner) percent of what he paid in tax last year, there is no risk of penalties.
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