Paid My quarterly taxes late

[MyTurn2Raise]

yep, I'm a moron and forgot last week was the quarterly deadline

paid today via the internets


tax gurus,
is there anything else I should do?
pay a penalty?
notify the IRS?


ty for any help and your time
/images/graemlins/heart.gif

[DDBeast]

lol at notify the IRS
I missed it too, CPA just said wait and see, may get charged penalties, may not.

[Fat Nicky]

just send it today. a couple days late will not make much of a difference. i doubt it will matter much./

[DeadMoneyDad]

[ QUOTE ]
yep, I'm a moron and forgot last week was the quarterly deadline

paid today via the internets


tax gurus,
is there anything else I should do?
pay a penalty?
notify the IRS?


ty for any help and your time
/images/graemlins/heart.gif

[/ QUOTE ]

Thanks to the Patriot Act, the IRS, DOJ, FBI, CIA, and NSA already know EXACTLY what you've done and when...........


D$D

[ChipLeeder]

The penalty for late payment of estimated tax currently is 8% on an annual basis..it is similar to a nondeductible 8% loan for most...no biggie if a few days late

[Grasshopp3r]

My wife would plead for her clients if they got penalties for being a few days late. So long as they were not repeat offenders, they just got off with a warning. I would just let sleeping dogs lie until they send you a notice.

Good luck.

[dlk9s]

I paid my state quarterlies a week late this summer because for some reason I thought I had paid them all up front. I actually called the state department of revenue to ask if I need to pay penalties or anything and they said that if I do, I will be notified.

I haven't been notified.

Don't know if it works the same way with the feds, but I'm guessing it's similar.

[DoGGz]

I paid my IL like 5 days late and got a letter requesting $14 late fee. I wouldn't bother notifying.

[707782]

If poker is your only source of imcome, you have to pay tax quarterly? not yearly?

[1p0kerboy]

Image wouldn't load. /images/graemlins/tongue.gif

[mo42nyy]

i came on here to post the same question
glad im not the only one

[Kurn, son of Mogh]

Sit tight. They'll send you a bill for penalies and interest, which if you're only a few weeks late should not be that much.

[PLO8FaceKilla]

Why do you have to pay quarterly?
Why not yearly?


can someone please explain this.

[jively]

[ QUOTE ]
Why do you have to pay quarterly?
Why not yearly?

can someone please explain this.

[/ QUOTE ]
The IRS wants to be paid. Check the Estimated tax form 1040-ES for 2007, and run through the calculations. If you owe over a certain amount, you must pay estimated tax payments. Check your state as well.

-Tom

IRS source (http://www.irs.gov/publications/p505/ch02.html)

[ QUOTE ]
Introduction

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.

Estimated tax is used to pay both income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. If you do not pay enough through withholding or estimated tax payments, you may be charged a penalty. If you do not pay enough by the due date of each payment period (see When To Pay Estimated Tax on page 22), you may be charged a penalty even if you are due a refund when you file your tax return. For information on when the penalty applies, see chapter 4.

[/ QUOTE ]

[jively]

Here's more from the publication:
[ QUOTE ]
Who Does Not Have To Pay Estimated Tax

If you receive salaries and wages, you can avoid having to pay estimated tax by asking your employer to take more tax out of your earnings. To do this, file a new Form W-4 with your employer. See chapter 1.

Estimated tax not required. You do not have to pay estimated tax for 2007 if you meet all three of the following conditions.

* You had no tax liability for 2006.
* You were a U.S. citizen or resident alien for the whole year.
* Your 2006 tax year covered a 12-month period.

You had no tax liability for 2006 if your total tax (defined on page 21 under Required Annual Payment—Line 14c) was zero or you did not have to file an income tax return.

Who Must Pay Estimated Tax

If you owed additional tax for 2006, you may have to pay estimated tax for 2007.

General Rule

You must pay estimated tax for 2007 if both of the following apply.

1. You expect to owe at least $1,000 in tax for 2007, after subtracting your withholding and credits.
2. You expect your withholding and credits to be less than the smaller of:
2a. 90% of the tax to be shown on your 2007 tax return, or
2b. 100% of the tax shown on your 2006 tax return. Your 2006 tax return must cover all 12 months.

[/ QUOTE ]

[Kurn, son of Mogh]

[ QUOTE ]
Why do you have to pay quarterly?
Why not yearly?


can someone please explain this.

[/ QUOTE ]

You owe taxes as you earn income. Most people have employers that withhold taxes during the course of the year, thus the IRS gets approximately what you owe each and every pay period.

If you are not having taxes withheld, the IRS requires you to estimate and pay as you go. In these cases you are required to file quarterly.

[PLO8FaceKilla]

[ QUOTE ]
[ QUOTE ]
Why do you have to pay quarterly?
Why not yearly?


can someone please explain this.

[/ QUOTE ]

You owe taxes as you earn income. Most people have employers that withhold taxes during the course of the year, thus the IRS gets approximately what you owe each and every pay period.

If you are not having taxes withheld, the IRS requires you to estimate and pay as you go. In these cases you are required to file quarterly.

[/ QUOTE ]

ok thanks.... so this is pretty much it right

IF you have a job, and pay taxes for that work and play poker on the side, you do not have to pay quarterly taxes

is that correct?

[DeadMoneyDad]

[ QUOTE ]
Why do you have to pay quarterly?
Why not yearly?


can someone please explain this.

[/ QUOTE ]

Well it may be a distinction with out a difference but you only atcually "pay" your taxes when you file. The quarterly taxes are estimated tax payments. If you salaried people ever get pissed off, remember the poor bastards who have to estimate their own taxes and get penalized for getting it wrong.

In a salaried job you may be pretty sure you are going to get a raise or a big bonus in the up comming year. When it comes since you are under withholding it doesn't matter. As an estimated tax payer you have to "pay it forward". If you hit the number right or are high you are fine, god help you if you are under!

Personally I hope the PPA gets the IRS to cite the correct regulations or at least removes the "wagering pool" reference from the new IRS Poker Tourney Tax, but I'm infavor of the actual withholding staying in effect.

Politically too much of an effort here on fighting the with holding of taxes owed on poker winnings is a looser IMPO. It makes us look like we don't want to pay what ever are the legal taxes on our "gambling." Heck as part of a future deal on better treatment of poker taxes I'd let the future US "legal" on-line poker sites with hold a small amount from SnG's! But I want the IRS to look at total poker taxes from a net perspective for the quarter or year!

Yes I hate those money grubbing motherless whore moles from getting a dime out of my hands before I have to give it up, but I'm willing to take it in the rear on the interest to keep from complete abusal under the current tax scheme.

What's the difference between the IRS and a hooker?

The hooker at least has the common human decency to stop f'ing you when you die!


D$D

[MiltonFriedman]

Go to Jail, go directly to Jail; Do Not pass go, do not collect $200.

You may get a penalty when you file for year end, but do not sweat it now. Wait for the IRS to contact you, via the internets. then explain that the internets is like a bunch of tubes that get clogged up, refer them to Ted Stevens' office for further details, pay the penalty ... if there is one.

[Kurn, son of Mogh]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Why do you have to pay quarterly?
Why not yearly?


can someone please explain this.

[/ QUOTE ]

You owe taxes as you earn income. Most people have employers that withhold taxes during the course of the year, thus the IRS gets approximately what you owe each and every pay period.

If you are not having taxes withheld, the IRS requires you to estimate and pay as you go. In these cases you are required to file quarterly.

[/ QUOTE ]

ok thanks.... so this is pretty much it right

IF you have a job, and pay taxes for that work and play poker on the side, you do not have to pay quarterly taxes

is that correct?

[/ QUOTE ]

If you have your employer increase your withholding so the amount withheld is at least 115% of the previous tax year's taxes owed, then additional income derived from non-W2 sources will not trigger the rquirement to file quarterly.

[PLO8FaceKilla]

Ok so i have a question....

If you have a job and pay taxes on every check... and you play poker on the side and cash out a little each month...

How in the hell are you supposed to know whether or not you are supposed to file quarterly taxes or not.

[Kurn, son of Mogh]

Step one: File taxes next April as usual, including your poker income.

Report the sum of all winning sessions as *other income* on Form 1040. Report all losing sessions as an itemized deduction on schedule A. (The law forbids you from just reporting your net from gambling as income, you must reports wins and losses sepeartely).

File and pay those taxes. If the IRS wants you to file quarterly in the future, they'll let you know.

[PLO8FaceKilla]

[ QUOTE ]
Step one: File taxes next April as usual, including your poker income.

Report the sum of all winning sessions as *other income* on Form 1040. Report all losing sessions as an itemized deduction on schedule A. (The law forbids you from just reporting your net from gambling as income, you must reports wins and losses sepeartely).

File and pay those taxes. If the IRS wants you to file quarterly in the future, they'll let you know.

[/ QUOTE ]
deal