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re: Best way to allow withholding to sit for tax season?
Posted on 2/23/17 at 2:42 pm to rpg37
Posted on 2/23/17 at 2:42 pm to rpg37
I'm not a CPA, but I believe that technically you are supposed to pay quarterly estimated taxes to a tune of about 90% of what you will owe the first year and then something close to that number after that.
I don't know what the penalty or how that works, but the IRS wants their money as you go they don't want you just to wait and pay $6000 in April of the following year.
ETA: You could also withhold more from your W-2 position to make up that $6000.
I don't know what the penalty or how that works, but the IRS wants their money as you go they don't want you just to wait and pay $6000 in April of the following year.
ETA: You could also withhold more from your W-2 position to make up that $6000.
This post was edited on 2/23/17 at 2:43 pm
1
Posted on 2/23/17 at 3:29 pm to baldona
Yep.
You should probably sit down with a CPA and run some projections to see if you need to make quarterly estimates. It's possible underpayment penalties could exceed any interest earnings you'd recognize.
You should probably sit down with a CPA and run some projections to see if you need to make quarterly estimates. It's possible underpayment penalties could exceed any interest earnings you'd recognize.
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