How much of a penalty do you pay for late taxes?

[breest]

How much of a penalty do you pay if you pay taxes a quarter late? I assume I have to pay quarterly this year, so what if i skip a quarter and pay 2x the next quarter? Please help =)

-Breest

[shane94]

I am not tax expert by far but I pay once a year by April 15th (= Just SAVE SAVE SAVE threw the year!

Shane

[breest]

So i dont have to pay quarterly if I dont want to? What determines if you pay quarterly?

-Breest

[shane94]

I think you only pay quartely if you are a business. Do you use your social security # or a business name with a tax id #?? Someone correct me if I am wrong here (=

Shane

[mailman]

Quarterly taxes are estimated taxes from previous years income. If you don't pay quarterly taxes on time I believe there is a small penalty for not paying on time.

[Labret]

I, for not having payed quarterly, have penalties of around $3600.00

Pisser.

[Labret]

To answer your question, once you exceed the 100k mark a year, and are self employed, you should be paying your estimated quarterly taxes.

[nic]

Last tax season I only made like $12k but I got fined $500 for not paying quarterly. I think you can avoid the penalty for writing a check at any time for how much you paid them the year before, maybe? sound right?

nic

[shane94]

I am not using a business id but my personal social security #. I am also employeed at a "real" job where they already nail my asses in taxes so I have not been paying evey quarter. Should I??

Shane

[mailman]

As a rule of thumb shane and to be safe - save and send 30% of your gross quarterly...

[breest]

Damn, taxes suck. I guess I better talk to an accountant. Ohh and I use my social, i dont own a biz.

-Breest

[richard]

talked with my bank manager this week, and he has setup a business savings account, so that we can stick money into it and save it to pay off the tax and vat at the end of the year - simple idea, but its going to make it a whole lot easier when it comes to tax next year.

[shane94]

richard that is what i do too (= I put aside about 20-30% of my earnings and pay at the end of the year. This has worked good for me (=

Shane

[Marky]

new quarter, jan 15th

[basschick]

you DON'T have to make any particular amount to have to pay quarterly.

you DO have to file as an individual doing business in order to get to deduct your server fees, content, scripts, etc.

if you do business and work as we do, not as an employee, you are supposed to pay quarterly and there is a fine involved, which can go up the longer you don't pay.