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re: Quarterly tax question for CPA’s
Posted on 7/15/20 at 9:03 pm to LSUFanHouston
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.
2
Posted on 7/16/20 at 6:13 am to dovehunter
No. There are estimated tax penalties for not paying in timely estimates through out the year.
You get hit with w late payment of tax penalty in addition to the estimated tax penalties mentioned above if your full liability is not paid by April 15th or as the case was this year, July 15th.
You get hit with w late payment of tax penalty in addition to the estimated tax penalties mentioned above if your full liability is not paid by April 15th or as the case was this year, July 15th.
Posted on 7/16/20 at 8:49 am to dovehunter
quote:
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.
For federal, there is no penalty if the amount you have to pay over the year (not including withholding) is $1,000 or less. Also, if your actual income isn't earned on a linear basis, especially if you get a lot / most of your income in the 4th quarter, then you might not owe a penalty if you pay it in by 12/31.
Otherwise, there may be a penalty.
quote:
Buy La Historical tax credits before 5/15 each year. Withhold 0 LA state tax all year.
LA credits like those, as long as you buy them before 5/15, are considered a credit, not a payment. You technically don't "owe" any payment, since you had credits. No payment owed, no penalty.
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