Quote:
Originally Posted by Barefootsies
Incorrect.
I've had both a tax attorney, and a CPA tell me on more than one occasion that you must pay quarterly if you made a profit the past year, and are going to owe more than $1000.00 for the tax year.
If you had a loss, or will owe less than $1000, then you do not have to.
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Ok well you listen to your CPA and I'll listen to mine.
I've never paid quarterly or any estimated payments for that matter. I pay withholding on my salary every month and then write one big check on April 15 every year.
You have to pay the underpayment penalty interest (which is negligible) and that's it, there are no "fines" or any other requirements other than the interest.