Does anyone know what the deal is if you send in your 2009 estimated tax payment check late? I filed my return a few days ago and totally spaced on sending my quarterly for next year's taxes. I'm guessing it's not a huge deal but will I have to pay some kind of fine? Couldn't find anything about it on irs.gov, by the way.
From what I've been told (and, I too, am no tax expert...) the Estimate Payment deadlines (4/15, 7/15, 10/15, 1/15) are a little looser, and if your check is postmarked a day or two late, it ain't no thang.
Either way, they'll just bang you a couple bucks in, "interest penalties," and be done with it. I pay those shits annually because I get lazy on quarterlies, and they don't take too big a bite. Unless your estimated payment has 5 zeros in front of the decimal, it shouldn't be too big a thing.
any company that has you come into an office full time & go to meetings, then 1099s you, is on some bullshit
Um dude that is ideally so YOU make more money. Freelance/contract employee tax rates are less than low-level full-time employee tax rates. You do have to pay at the end of the year in one lump but you have options to minimize that number.
If you budget right (not always possible, as in your example) it's a better situation. Otherwise you would be coughing up over 1/4 of your paycheck for the same amount of work.
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seriously hope shit works out for you though man
From what I've been told (and, I too, am no tax expert...) the Estimate Payment deadlines (4/15, 7/15, 10/15, 1/15) are a little looser, and if your check is postmarked a day or two late, it ain't no thang.
Either way, they'll just bang you a couple bucks in, "interest penalties," and be done with it. I pay those shits annually because I get lazy on quarterlies, and they don't take too big a bite. Unless your estimated payment has 5 zeros in front of the decimal, it shouldn't be too big a thing.
We're you unaware that taxes weren't being taken out or was there a mutual[/b] understanding that you were "off the books"?
Um dude that is ideally so YOU make more money. Freelance/contract employee tax rates are less than low-level full-time employee tax rates. You do have to pay at the end of the year in one lump but you have options to minimize that number.
If you budget right (not always possible, as in your example) it's a better situation. Otherwise you would be coughing up over 1/4 of your paycheck for the same amount of work.