Tax man cometh

[bigun]

Our small town mom and pop accountants always file extentions

 

[[486]]

So the government can withhold too much tax all year, and then give you the difference back later without any interest. But if you pay too little all year, and then pay them the difference, you owe them interest.

I figured you understood the game by now

 

[the conservative atheist]

I figured you understood the game by now

Oh, I'm pretty aware of the myriad ways they fuck the productive citizens. Always fun learning of one more though.

 

[Norm]

WTF is with the federal underpayment penalty?

First time I have ever owed federal taxes. I incorrectly assumed I could just pay the difference when I filed. Nope. Owe a penalty on top of that.

So the government can withhold too much tax all year, and then give you the difference back later without any interest. But if you pay too little all year, and then pay them the difference, you owe them interest.

That’s a special prize for making money and paying your taxes. I hit that every time I get a decent bonus in Q4.

 

[Splib]

Norm, what is the actual trigger that warrants quarterly instead of annual tax filing or payment ?

 

[OutlawRider]

Norm, what is the actual trigger that warrants quarterly instead of annual tax filing or payment ?

How much you make. And if you make more than that, it goes to Bi-weekly I believe.

 

[Aggie06]

How I felt mailing our payment today.

Oh, and we had to pay our quarterly payment this week also.