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re: Quarterly tax question for CPA’s
Posted on 7/16/20 at 8:53 am to Enos Burdette
Posted on 7/16/20 at 8:53 am to Enos Burdette
quote:
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.
Yes, and the 4th quarter is 4 months.
quote:
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.
If you are an eligible farmer (2/3rds of your gross income is from farming or fishing) there are special favorable rules. You don't owe any estimates for Q1-Q3. You can use 66.67% of current year tax (instead of 90%) and you can use 100% of prior year tax no matter your income. Finally, if you file and pay your tax return by March 1, you don't have to make any estimates at all.
1
Posted on 7/16/20 at 11:04 am to LSUFanHouston
quote:
If you are an eligible farmer (2/3rds of your gross income is from farming or fishing) there are special favorable rules. You don't owe any estimates for Q1-Q3. You can use 66.67% of current year tax (instead of 90%) and you can use 100% of prior year tax no matter your income. Finally, if you file and pay your tax return by March 1, you don't have to make any estimates at all.
I've got multiple entities for my main farm, a farm partnership in another operation, and holdings in an S Corp and a multi-member LLC that complicate things.
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