Has anyone came up with a percentage of gross revenue to pay estimated taxes under the new tax laws?
I've always paid one-sixth of gross to the Feds and one-tenth of gross to the state, but I have no clue if that is enough or too much now.
(I'm well under the $300,000 limit to use the 20% pass-through)
Pardon me for asking. You can choose how much you would like to pay taxes?
I sat down with my account back in April just before the 15th and went through what my quarterly payments would look like this year. He decided that I would be close to 0 so this is the first year in a couple of decades I'm not paying quarterly payments. Of course I will find out in February if that was a good idea or not. So from what I saw I'm going to gain a lot with the new tax schedules.
And no seieath we only wish that you can choose how much to pay, you try your best to estimate it through the year, but you have to figure out the real number for the April 15th deadline next year. If you pay too much you get a refund, if you pay too little you have to write a check to make up the difference.
What Dave is wondering is how to figure out the number ahead of time and make the payments, one of which is due this week.
There is a penalty for failure to pay less than 77%(?) of the taxes dues for the year.
That's what I'm trying to avoid.
Why don't you ask someone who does this professionally? Like an accountant?
Right on cue, queue, ...?
If you have to prepay taxes quarterly the IRS sends you a "payment booklet". If you want to prepay taxes I'd talk to my account before doing so.?ÿ ??ÿ
1040-ES
You should get 4 of them per year, Sept 15th is the next deadline which should be extended to the 17th, I'm glad I'm not doing it this year but I'm so conditioned to it that it's on my mind anyway.
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