Quarterly Tax Reminder...

[x2ski]

I had no idea where to post this, but I figure most of us who are self-employed in poker or other professions frequent the Zoo.

Today is June 15, the end of the stupid 2 month "second quarter". Federal and state (if applicable) quarterly estimated taxes need to be in the mail. Bye-bye 15% of my bankroll.

Ps. Don't shoot the messenger

[usmfan]

Yeah. Talk about asinine. My wife and I had words when she said that the Q2 taxes were due. I said that's not true, we just paid in April. Ergo, next quarterly is due 7/15. Wrong. I was pwned by Mrs. usmfan.

[x2ski]

[ QUOTE ]
Yeah. Talk about asinine. My wife and I had words when she said that the Q2 taxes were due. I said that's not true, we just paid in April. Ergo, next quarterly is due 7/15. Wrong. I was pwned by Mrs. usmfan.

[/ QUOTE ]

Yeah that's why I figured I'd post this. If my Dad wouldn't have reminded me I would be filing these things one month late [img]/images/graemlins/mad.gif[/img]

[iluzion]

Hmm.. as my first year of online poker, how do these quarterly things work?

[destroBU]

[ QUOTE ]
(if applicable)

[/ QUOTE ]

Who is this applicable to?

[x2ski]

[ QUOTE ]
[ QUOTE ]
(if applicable)

[/ QUOTE ]

Who is this applicable to?

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People who need to file quarterly estimates in their state. Wisconsin requires it, that's for sure.

[x2ski]

[ QUOTE ]
Hmm.. as my first year of online poker, how do these quarterly things work?

[/ QUOTE ]

I'm no tax expert, but I don't think you have to worry about it yet.

Quarterlies are due if you're self-employed and/or have other investments generating substantial income on an annual basis.

Your quarterlies are based on your previous year's income generated from self-employment and/or other investments. So, if you weren't in this situation last year (2004), you don't have to worry about it this year, but I might be totally incorrect.

[WarBus]

Generally, you should make estimated tax payments if you will owe tax of $1,000 or more, after withholding and credits.

Federal Quarterly Tax Forms
www.irs.gov/pub/irs-pdf/f1040es.pdf

Pay Federal Tax Online
www.eftps.gov

[Homer]

Generally, you should make estimated tax payments if you will owe tax of $1,000 or more, after withholding and credits.

Whoops. I suck at taxes.

[mistrpug]

[ QUOTE ]
I had no idea where to post this, but I figure most of us who are self-employed in poker or other professions frequent the Zoo.

Today is June 15, the end of the stupid 2 month "second quarter". Federal and state (if applicable) quarterly estimated taxes need to be in the mail. Bye-bye 15% of my bankroll.

Ps. Don't shoot the messenger

[/ QUOTE ]

Wow, glad I read this. My state taxes were due and I didn't even realize. Thanks man.