I need some business advice. Pay taxes or put it into the business?

Talk to an accountant. Not sure that you can just not pay your quarterly taxes because you had something else to do with the money.

Agreed.

However, I have put money into my business and not paid quarterly a time or two in the past and never gotten into any trouble. I just get a letter reminding me to space our payments or something to that effect. You can also pay monthly if you wanted to instead of quarterly.

That said, this was how MY accountant and I did it. The beginning of that year started very slow. So we said, based on that projection at the time we would be owed a refund. Hence no need to pay in quarterly. When business picked up in the summer. We doubled up the quarterly and it equaled out in the end.

Same thing for last year. I had already put in a lot of money earlier in the year from selling my celebrity site for $70K in the spring. Plus my quarterlies. When I had to cash out my business partner, that was going to be a major loss. Plus I was also going to get new home and other credits, deductions, and capital write offs.

However, I run it all by the accountant, and he tells me what is safe to do, or justified. So I would definitely talk to yours as he would be the one standing beside you down the line. Quarterlies are based on your sales, and projections. In theory, even if you are going to show a loss, you should throw in 'some' money. Even if not $3000.00, throw in $250 or 500.00 just to be safe.

i would most def talk to your cpa because penalties sometimes are worse than the taxes ;)

so you're considering that you may rather want to help the government to grow faster than to help you own business to grow faster??????????

Exactly.

Help yourself first, because you can rest assured your government is NOT going to be helping you anytime soon.

What I would do is, contact them and work out a payment plan for a low amount per month. They will push for a high amount but push back for something crazy low. Then the money you didn't give them, use it elsewhere. Of course this puts you a little behind, but, if you invest your 8k properly, it shouldn't matter.

I also suggest finding ways to lower your tax burden. Paying 8k quarterly is nothing short of stupid. I'm sure a good CPA can find ways to lower your burden, you just have to think outside the box a little and get legally creative. Lots of little loopholes out there.

keep it all and move to another country!

That is one option. Though, that would come after renouncing your citizenship and hope that the IRS doesn't think you're doing it to avoid taxes, as they can tax you for 10 more years AFTER you renounce. Talk about greedy.

Assuming it's a regular income estimated payment, paying late is no biggie - you'll get hit with some interest, and maybe a smallish penalty.

Key is to pay it all before the end of the year; increase the amount of subsequent estimated payments to catch it up.

If this an S-corp and you pay yourself a salary, another way is to substantially increase your withholding anytime before the end of the year to cover the amount(s) you didn't pay in estimated payments.

In regards to deferring other taxes ... *never* defer payroll withholding and *never* defer collected sales tax - the penalties for paying those late can be substantial.

Ron