How much is the fine for not filing Quarterly taxes
Discussion in 'Trucker Taxes and Truck Financing' started by V8-MACK, Nov 30, 2013.
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Not sure you will just get a fine notice for quarterly.
You can always register with the treasurys online payment website to keep on top on the money you owe.eftps online.
Wisconsin probably has an online payment system as well.
Calcxml has a good federal tax calculator.TaxmanRelief Thanks this. -
It's not a actually called a fine but you will pay penalty and interest for non payment and it will be based upon the amount not paid so there is not set amount. A CPA or tax advisor should be able to determine the amount based on your unpaid earnings.
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The IRS will have no problem of notification after you file and give you a deadline and penalty.
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There ain't no penalties and no fees if you don't pay quarterly. BUT you have to pay the whole amount BEFORE the tax day (April 15) Now if you pay after taxes day, THEN you will be finned and pay penalties. Some people decide to pay in quarterly because is easy on their pocket, instead of paying a lump-some at the end of the tax year. Talk to your CPA he/she will tell you the same thing.
Now, If you owe taxes but cant pay the full amount by the April 18 deadline you should still file your return on time and pay as much as you can to avoid penalties and interest. You should also contact the IRS to ask about alternative payment options. Here are three alternative payment options you may want to consider:1 - Additional Time to Pay - Based on your circumstances, you may be granted a short additional time to pay your tax in full. A brief additional amount of time to pay can be requested through the Online Payment Agreement application or by calling 800-829-1040. Taxpayers who request and are granted an additional 60 to 120 days to pay the tax in full generally will pay less in penalties and interest than if the debt were repaid through an installment agreement over a greater period of time.
2 - Installment Agreement - You can apply for an IRS installment agreement using the Web-based Online Payment Agreement application on IRS.gov. This Web-based application allows taxpayers who owe $25,000 or less in combined tax, penalties and interest to self-qualify, apply for, and receive immediate notification of approval. You can also request an installment agreement before your current tax liabilities are actually assessed by using OPA. The OPA option provides you with a simple and convenient way to establish an installment agreement and eliminates the need for personal interaction with IRS and reduces paper processing. You may also complete and submit a Form 9465, Installment Agreement Request, make your request in writing, or call 1-800-829-1040 to make your request. For balances over $25,000, you are required to complete a financial statement to determine the monthly payment amount for an installment plan. For more complete information see Tax Topic 202, Tax Payment Options on the IRS.gov website.
3 - Pay by Credit or Debit Card - To pay your Federal taxes by credit or debit card, you can use all major cards (American Express, Discover, MasterCard, or Visa). For information on paying your taxes electronically, including by credit or debit card, go to Electronic Payment Options Home Page and contact one of the service providers at its telephone number or Web site listed below and follow the instructions. There is no IRS fee for credit or debit card payments, but the processing companies charge a convenience fee or flat fee. If you are paying by credit card, the service providers charge a convenience fee based on the amount you are paying. If you are paying by debit card, the service providers charge a flat fee of $3.89 to $3.95. Do not add the convenience fee or flat fee to your tax payment.Excorcist1, Lilbit, TaxmanRelief and 1 other person Thank this. -
I believe the date to fully fund and avoid penalties for not filing quarterly is January 31. But that is only for farmers and fishermen.
All others have to either have the tax paid in the withholding or meet the requirements of the estimated tax.
http://www.irs.gov/taxtopics/tc306.html -
There ain't no penalties and no fees if you don't pay quarterly. BUT you have to pay the whole amount BEFORE the tax day (April 15) Now if you pay after taxes day, THEN you will be finned and pay penalties. Some people decide to pay in quarterly because is easy on their pocket, instead of paying a lump-some at the end of the tax year. Talk to your CPA he/she will tell you the same thing.
Now, If you owe taxes but cant pay the full amount by the April 18 deadline you should still file your return on time and pay as much as you can to avoid penalties and interest. You should also contact the IRS to ask about alternative payment options. Here are three alternative payment options you may want to consider:
1 - Additional Time to Pay - Based on your circumstances, you may be granted a short additional time to pay your tax in full. A brief additional amount of time to pay can be requested through the Online Payment Agreement application or by calling 800-829-1040. Taxpayers who request and are granted an additional 60 to 120 days to pay the tax in full generally will pay less in penalties and interest than if the debt were repaid through an installment agreement over a greater period of time.
2 - Installment Agreement - You can apply for an IRS installment agreement using the Web-based Online Payment Agreement application on IRS.gov. This Web-based application allows taxpayers who owe $25,000 or less in combined tax, penalties and interest to self-qualify, apply for, and receive immediate notification of approval. You can also request an installment agreement before your current tax liabilities are actually assessed by using OPA. The OPA option provides you with a simple and convenient way to establish an installment agreement and eliminates the need for personal interaction with IRS and reduces paper processing. You may also complete and submit a Form 9465, Installment Agreement Request, make your request in writing, or call 1-800-829-1040 to make your request. For balances over $25,000, you are required to complete a financial statement to determine the monthly payment amount for an installment plan. For more complete information see Tax Topic 202, Tax Payment Options on the IRS.gov website.
3 - Pay by Credit or Debit Card - To pay your Federal taxes by credit or debit card, you can use all major cards (American Express, Discover, MasterCard, or Visa). For information on paying your taxes electronically, including by credit or debit card, go to Electronic Payment Options Home Page and contact one of the service providers at its telephone number or Web site listed below and follow the instructions. There is no IRS fee for credit or debit card payments, but the processing companies charge a convenience fee or flat fee. If you are paying by credit card, the service providers charge a convenience fee based on the amount you are paying. If you are paying by debit card, the service providers charge a flat fee of $3.89 to $3.95. Do not add the convenience fee or flat fee to your tax payment.V8-MACK Thanks this. -
You might want to look here. I do not need to waste the money on a CPA. I am an enrolled agent to practice before the IRS.
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes
Underpayment of Estimated Tax
If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. There are special rules for farmers and fishermen. Please refer to Publication 505 Tax Withholding and Estimated Tax, for additional information.
However, if your income is received unevenly during the year, you may be able to avoid or lower the penalty by annualizing your income and making unequal payments. Use Form 2210 (PDF), Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to see if you owe a penalty for underpaying your estimated tax. Please refer to the Form 1040 Instructions (PDF) or the Form 1040A Instructions for where to report the estimated tax penalty on your return.
The penalty may also be waived if:
- The failure to make estimated payments was caused by a casualty, disaster, or other unusual circumstance and it would be inequitable to impose the penalty, or
- You retired (after reaching age 62) or became disabled during the tax year for which estimated payments were required to be made or in the preceding tax year, and the underpayment was due to reasonable cause and not willful neglect.
V8-MACK Thanks this. -
The only way to do a last minute payment and avoid an underpayment penalty is if the last minute payment is through withholding (not estimated payments). Withholding is deemed to be paid throughout the year regardless of when it is actually paid.
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Im in new York and been in business for 20 years and never filed quarterly taxes only at the end of the year how ever you do pay a small fee, not much and to me it's worth paying.
snowblind Thanks this.
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