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Old 08-26-2005, 02:21 PM
As Zehn As Zehn is offline
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Join Date: Nov 2003
Posts: 9
Default Re: Just got off the phone with my new CPA...

Why wait till April? If you are subject to estimated payments all you are incurring is additional penalties and interest from underpayments (depending on how much your winnings are). If your income is increasing significantly you can protect yourself by having enough withheld to cover either 100% or 110% of last years tax liability. Waiting till November or later might not give you enough time if this is an option.

If you do not have W-2 wages or other avenues where taxes are routinely withheld, you should start making estimated payments if required.
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