- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Quarterly tax question for CPA’s
Posted on 7/15/20 at 10:33 am to ykevin25
Posted on 7/15/20 at 10:33 am to ykevin25
The federal rate varies each quarter, for Q1 and Q2 2020 it was 5 percent, but for Q3 it's going to be 3%. You figure out how much you should have paid each quarter, and that's the rate you use for that quarter, from the due date for that quarter payment, until the date it is actually paid. So really it's 4 different penalties.
Louisiana follows the same formula, but the rate is a stupid 12 percent.
So, you just need to consider investment gains vs paying now. Keep in mind those investment gains will be taxed as well.
Louisiana follows the same formula, but the rate is a stupid 12 percent.
So, you just need to consider investment gains vs paying now. Keep in mind those investment gains will be taxed as well.
3
Posted on 7/15/20 at 9:03 pm to LSUFanHouston
As long as you pay before year end there is no penalty. Am I wrong? By year end I mean 12/31. I pay most of my Federal taxes in Dec every year. Buy La Historical tax credits before 5/15 each year. Withhold 0 LA state tax all year.
Posted on 7/16/20 at 6:40 am to LSUFanHouston
quote:
LSUFanHouston
Thanks for the info.
Posted on 7/16/20 at 7:03 am to LSUFanHouston
quote:
The federal rate varies each quarter, for Q1 and Q2 2020 it was 5 percent, but for Q3 it's going to be 3%. You figure out how much you should have paid each quarter, and that's the rate you use for that quarter, from the due date for that quarter payment, until the date it is actually paid. So really it's 4 different penalties.
Remember that second "quarter" is really only two months. Skip that quarter and overpay in September for quarters two and three and your interest owed for the missed payment for the quarter running from April 1 until May 31 is smaller than it'll be for any other quarter. We've done that in the past because second quarter falls squarely in the middle of planting season (I farm) and the interest was very small.
This post was edited on 7/16/20 at 7:10 am
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News