Estimated Quarterly Tax payments?
 

[removed this from the other tax thread]

I'm just getting into this now and currently looking for a CPA. I might call that couple in Vegas.

I'm curious. Do you fulltime folks make estimated quarterly payments? I read that if you will owe over $1K in taxes and you didn't make quarterly estimated payments, you will have to pay a penalty.

Re: Estimated Quarterly Tax payments?
 

What couple?
And yes, pay quarterly.

Re: Estimated Quarterly Tax payments?
 

Ugh.

This couple. They wrote Gambling and Taxes:
http://www.rbstaxes.com/

Re: Estimated Quarterly Tax payments?
 

You are correct. I ended up owing around $1,600 in Federal and ~$340 in PA state taxes last year because it was the first year I actually started withdrawing funds from my Neteller ('03 was more used to building my bankroll). I didn't itemize my losses and don't plan to this year either, I just take the net winnings that I transfer from Neteller to my bank. This year I'm making quarterly payments, even though I haven't gotten anything about paying a penalty yet.

Re: Estimated Quarterly Tax payments?
 

[ QUOTE ]
Ugh.

This couple. They wrote Gambling and Taxes:
http://www.rbstaxes.com/

[/ QUOTE ]

FYI, I tried hiring those clowns to do my annual taxes last year, and they were a mess.

The quoted me one price, and then when I sent them the stuff they waited until the last minute and then told me that it would cost twice as much.

"Well you said you only had 1 or 2 mutual funds. I see more than that here." Bullshit, I told exactly what I had when they quoted me the price.

"Well, with more mutual funds, it's more paperwork." Bullshit, I told them upfront that they had to do a Schedule D, and that's all that's important.

"You have to do a special Form XYZ, we didn't know that." Bullshit, I told them upfront, and it takes about 3 minutes to fill out.

"Well you are filing as a professionable gambler...". WTF!?! "I sent you W-2's from 2 different jobs!" "Well, we never received them." "Well, you lost them, and you damn well better find them." "Oh, here they are." I would think you would have that crap together before you call your customer back to tell them you're doubling his fee.

After I demanding that the overnight my forms back and hung up, another guy calls back to negoiate the price. I felt like I was buying a goddamned used car.

I don't know if they are liars or just idiots, but I'll never use them again, and I'd discourage anyone else from using them.

I bought the fancy pants version of TurboTax, and never looked back.

Re: Estimated Quarterly Tax payments?
 

Good to know. Their website is pretty sketch and their book/pamphlet seems rather overpriced for info I've mostly seen on the web.

I'll probably just do some more research and take the turbo-tax route.

Re: Estimated Quarterly Tax payments?
 

Have you read the Gambler's Guide To Taxes?

Re: Estimated Quarterly Tax payments?
 

if you got a tax return last year, you won't have to pay a penalty this year.

Re: Estimated Quarterly Tax payments?
 

BINGO! I did get a return last year...sweet, don't have to start chopping into the roll just yet.

Now trying to figure out if there's any point in filing as a pro if I have to pay an ADDITIONAL 15% self-employment tax (a la this page).

Re: Estimated Quarterly Tax payments?
 

[ QUOTE ]
if you got a tax return last year, you won't have to pay a penalty this year.

[/ QUOTE ]I don't do taxes for a living but I am pretty sure this is incorrect. Do you have a reference for this?