For those who decide to pay it at the end of the year, how much did they charge you? 1k?
Man, I wish I could get my money back for these two quarters, so I can hopefully pay off my trailer this year. Big mistake seeing how it’s likely my trailer finance interest fees are much higher than the IRS penalty fee.
Paying IRS Estimated Taxes One Time Yearly?
Discussion in 'Ask An Owner Operator' started by PE_T, Jul 21, 2019.
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Pay the assets off- The penalty is like $300 for paying once a year
My CPA told me many moons ago- "You Can have equipment-Or you can Own Assets-We'll Move your Money around good"PE_T Thanks this. -
I dont see how thats possible. The IRS charges usary fees outlawed in public business. Plus you never ever, want to piss off the IRS.
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They want the Owners and CEO's of larger Firms- They like to "hide" their money.
Of Course- Those businesses have lawyers and top notch CPA's in place cause they know its coming. -
I may be wrong but even if you pay something per quarter, then you still paid quarterly. So even $100.
Anyone heard this beforePE_T Thanks this. -
“If you didn’t 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.”
Estimated Taxes | Internal Revenue ServiceRideandrepair and Shotgun94 Thank this. -
I was owner operator for 8 years never paid quarterly. Had good accountant so didn't have to pay anything crazy at tax time 10k or less. Don't remember what the penalty was, but it isn't much.
Just make sure you have the money to pay IRS on April 15th and you'll be fine. I've never been audited.PE_T Thanks this. -
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