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Started By
Message
re: Payroll Screw-up...need Advice
Posted on 7/1/14 at 2:19 pm to LSUFanHouston
Posted on 7/1/14 at 2:19 pm to LSUFanHouston
quote:No you wouldn't.
I would go with option 3.
quote:
and sent it in as an estimated tax payment to both the IRS and whatever state you are in.
For what?
That's silly. That's why we file returns at YE. Would you send in your estimated taxes early if they gave you a $2k bonus check that didn't have the taxes taken out? quote:
I say this because I would not necessairly trust the company to get it right with option 2, and option 1 *might* cause a headache down the road.
Like what? You're just complicating the issue even further.
2
Posted on 7/1/14 at 2:25 pm to LSUAfro
Couldn't he face an underpayment penalty though if he waits until year end?
Posted on 7/1/14 at 3:24 pm to LSUAfro
quote:
No you wouldn't.
Actually, I would not have suggested it if I would not have done it myself.
quote:
Would you send in your estimated taxes early if they gave you a $2k bonus check that didn't have the taxes taken out?
Yes, I would. I'd rather play it safe and not risk forgetting about it, or causing a problem down the road.
quote:
Like what? You're just complicating the issue even further.
Not at all, I'm actually making it very simple. I don't know the dollar amount involved here, or, what the taxpayer has dealt with in the past. I'm choosing the safest option.
But then again, I'm not one that worries about the piddling amounts of interest I would make by saving the money and paying it later. To me, the knowledge of eliminating any potential issues (that may or may not actually occur) at tax time next year is more than wotth the tiny amount of interest to be gained by saving it now.
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