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Topic: Do you file quarterly?
| Author | Message |
| mightypen | Posted – 5/22/2008 3:44:43 PM | show profile I'm wondering how many people actually file quarterly, and how many just take the penalty at the end of the year? Besides the fact that you're getting hit with a huge sum at once, are there other consequences of flouting the quarterly rule? |
| sophiesMOM | Posted – 5/22/2008 3:51:59 PM | show profile last year i did not file quarterly. the penalties didn't break me (i think it was a few hundred) but i'll tell ya, having to write one huge check hurt more than writing four smaller checks. so this year, yes, i am filing quarterly. |
| sophiesMOM | Posted – 5/22/2008 3:53:18 PM | show profile to your original question, i don't think there are other consequences (beyond penalty) to writing one big check each year. but i'm not an accountant. |
| sophiesMOM | Posted – 5/22/2008 3:55:14 PM | show profile one more...there's a more detailed discussion of this topic in the avantguild forum (paid membership required) |
| DQ102 | Posted – 5/22/2008 4:23:06 PM | show profile My accountant takes a look at my earnings every year at tax time and then has me pay quarterly based on that. So I never have to deal with penalties, and I don't have to worry about coming up with a huge lump sum at the end of the year. I think it is worth it. |
| rhino writer | Posted – 5/22/2008 7:07:45 PM | show profile I've been freelancing for 12+ years and have always paid quarterly. It seems unprofessional not to, and I don't want to give the IRS any reason to audit me. |
| michaelfairlawn | Posted – 5/23/2008 9:02:24 AM | show profile I work several editing jobs that take out taxes, so I take out an extra $300 for each paycheck to pay for my taxes. It all seems to work out in the end. |
| JimmyG | Posted – 5/23/2008 12:24:45 PM | show profile The last few years I've paid in a couple of lump sums during the year, usually from checks received for "extra" work. I try and hit the mark within a thousand bucks or so and settle up with the remainder on April 15. The Fed really doesn't care when you pay into your income tax "account," only that something like 90 percent is paid by the time you file your tax return. In other words, the due dates on the quarterly statements are only suggestions to an extent. Also, having to pay a small penalty in April for underpaying, if you don't have the dough in December, is usually a lot less than the interest you'd pay if you settled earlier with a credit card. |
