PDA

View Full Version : Quarterly Estimated Tax Reminder

x2ski
09-13-2005, 12:49 AM
To those who care, quarterly estimated taxes need to be in the mail by Thursday.

Don't shoot the messenger.
TheMetetron
09-13-2005, 12:54 AM
Just turned mine in today.

I hate taxes.
Matt24
09-13-2005, 01:25 AM
must we pay each quarter, or can we wait til April. I talked to an accountant today who said I was fine to wait til April. I did pay Q1 and Q2 btw.
k_squared
09-13-2005, 01:46 AM
what is the best way to estimate your quarterly payment? This is the first year I am going to have to do this, and as of yet I haven't...

Any help is appreciated.

k_squared
unreal_nh
09-13-2005, 01:52 AM
isnt paying quarterly estimated tax payments pretty much for your own benifit?
x2ski
09-13-2005, 01:54 AM
[ QUOTE ]
must we pay each quarter, or can we wait til April. I talked to an accountant today who said I was fine to wait til April. I did pay Q1 and Q2 btw.

[/ QUOTE ]

It's my understanding that after your first year of an employer not deducting for you, you have to do it on your own each quarter based on your previous year's self-employment earnings. If that makes any sense at all.

Let me try to rephrase it:

You can go one year of not paying any taxes if it is your first year as a "professional".

At the end of your first tax year, you meet with an accountant and determine the taxes on your poker income. You pay those by April 15. You also pay your 1st quarter estimate for the new year on this date. So you're paying last year's taxes and this year's first quarter estimate based on last year's income. You could lose everything and still be required to pay.

September 15 will be your 3rd quarter payment based on last year's income.
x2ski
09-13-2005, 01:55 AM
[ QUOTE ]
isnt paying quarterly estimated tax payments pretty much for your own benifit?

[/ QUOTE ]

I don't benefit at all. The government does.

Ok ok, I benefit through government services... whatever.
x2ski
09-13-2005, 01:56 AM
[ QUOTE ]
what is the best way to estimate your quarterly payment? This is the first year I am going to have to do this, and as of yet I haven't...

Any help is appreciated.

k_squared

[/ QUOTE ]

See my response to Matt24 as well as an accountant.