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To: MUDDOG
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...

9 posted on 09/23/2016 11:25:57 AM PDT by amorphous
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To: amorphous

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.


14 posted on 09/23/2016 11:32:12 AM PDT by MUDDOG
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To: 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”

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


25 posted on 09/23/2016 12:16:18 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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