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re: Best way to allow withholding to sit for tax season?
Posted on 2/27/17 at 11:28 am to sneakytiger
Posted on 2/27/17 at 11:28 am to sneakytiger
I have two jobs: Teaching: $50k and Coaching club: $24k. The latter pays with a 1099-MISC. I predict that portion is taxed at 25% and will come out to me owing $6,000 by next April. The teaching portion of course is taxed already.
My deductions include two home mortgages and interest on them. So, probably closer to $4,000 by tax day after taking those into account.
My deductions include two home mortgages and interest on them. So, probably closer to $4,000 by tax day after taking those into account.
Posted on 2/27/17 at 11:39 am to rpg37
Let's say you paid $10k in federal taxes last year, on your teaching income. As long as you pay at least $10k this year, either through regular withholdings or estimated payments, you should not get hit with an underpayment penalty when you file and write a check in April. People really understimate the power of this rule. Disclaimer:I am not a tax CPA so I'll defer to the regulars, but I have dealt with this personally.
This post was edited on 2/27/17 at 11:40 am
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