Re: Question regarding Quarterly estimated taxes (yes, I do pay them)
Yes, your estimates are based on the previous year. For example I went pro September of 04(I only played much for a couple months previous) so I only had 4 months of earnings pretty much in 04. I ran great my first 6 months so I was way past what I made in 04 and had made 2 estimated payments, but I talked to a few accountants and all agreed that I need not pay any more estimated taxes in 05 and wait til 06 to pay all of 05.
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