Paying IRS $5200-$9600

I’ve never done quarterly payments, but I recommend it as a good idea. Especially after being audited due to a mistake. Problem was the minimal penalty, due to lack of pre payment,applied to the amount I owed also,on top of that, interest on everything (only 4.5%,) the real killer was penalty, I believe 10%? Of the outstanding balance charged per month.Since it took them 11 mos for them to catch the mistake and contact Me, $2200 turned into a $4000 unexpected bill. So I would advise pre paying, worst thing that can happen is you get a refund.

 

You're better off owing the MOB money than Uncle Sam. At least the MOB will kill you and put you out of your misery. The IRS is a lifetime of suffering until you get out from under them.

 

There is always multiple ways to skin a cat and taxes and tax preparation is no different it very From situation to situation on what’s the best way to go about it. If u are going to be investing a lot of income into the business for the tax year paying in can be a waist of time .

 

The IRS will garnish your pay for money due in tax. I knew one oo years back that had that happen..he went out of business. Another driver now is a 1099 driver. He is way behind in taxes. They have garnished his pay also. Old saying " don't mess with the IRS".

 

Throws away receipts

 

What?
The goal is to make money.
That means making a huge income.
And paying income taxes on that money.
.
Why piss the money away on brake chambers on a semi truck just to reduce your income and tax liability?
.
I drive a truck to make money to spend on me.

 

I should open a chrome shop and sell cheap chrome bumpers for 20 grand a piece so that owner ops can have a tax deduction and not have to piss money away on income taxes.
.
Who wants a deluxe plastic chrome lugnut cover for 4 thousand dollars a piece?
Just think of that huge tax write off you’ll get

 

It wouldn't be a chrome shop. It would be a profit center.

 

How many bumpers would you like?