[amorphous]

Instead of computing and paying quarterly taxes on my business income, I used to just pay the penalty for failing to do so. At the time, the time/hassle/expense far outweighed the penalty - so I just paid them annually - until the IRS substantially increased the penalty for not doing so.

Whomever came up with the saying, "you can't get blood out of a turnip", never had to deal with the IRS...

[MUDDOG]

I hear ya.

For my individual income tax, I pay the full year’s amount of estimated tax in one fell swoop before the first installment deadline (April 15th), at 100% of the prior year’s tax liability. That’s the safe harbor amount.

I used pay quarterly, but it got to be too much of a hassle.

[catnipman]

“Instead of computing and paying quarterly taxes on my business income, I used to just pay the penalty for failing to do so. At the time, the time/hassle/expense far outweighed the penalty”

it used to be that misjudging quarterly withholdings could result in a greater penalty than just not withholding at all.