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#11
03-01-2007, 10:44 AM
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Re: How much $ to set aside for next year taxes
Hi guys I have some questions if anyone can help.
If I plan to save up 1/3 of my money for taxes... 1.) What is the penalty for just "playing it dumb" and settling up at the start of next year? 2.) Do these tax estimates include everything... Social Security, etc.? 3.) Anyone got a link that answers all this and more? Thanks 
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#12
03-01-2007, 10:47 AM
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Re: How much $ to set aside for next year taxes
[ QUOTE ]
darn it you guys... hes just asking for a rough % estimate. a safe general answer is 33% of your income. [/ QUOTE ] Umm, wow. That's too low. At least 40-45%. There is a 15% self employment tax in case you've forgotten.
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#13
03-01-2007, 10:57 AM
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Re: How much $ to set aside for next year taxes
[ QUOTE ]
1.) What is the penalty for just "playing it dumb" and settling up at the start of next year? [/ QUOTE ] Besides the interest and penalties you will have to pay, now you are in the tax fraud category and could do time in a Federal pen. What is so bad about "playing it smart"?
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#14
03-01-2007, 11:00 AM
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Re: How much $ to set aside for next year taxes
[ QUOTE ]
Umm, wow. That's too low. At least 40-45%. There is a 15% self employment tax in case you've forgotten. [/ QUOTE ] Half of this is deductable. Wouldn't the answer to this highly depend on how much the AGI is? Huge difference in % between someone making $100K and $500K IIRC.
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#15
03-01-2007, 11:10 AM
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Re: How much $ to set aside for next year taxes
[ QUOTE ]
[ QUOTE ] 1.) What is the penalty for just "playing it dumb" and settling up at the start of next year? [/ QUOTE ] Besides the interest and penalties you will have to pay, now you are in the tax fraud category and could do time in a Federal pen. What is so bad about "playing it smart"? [/ QUOTE ] I'm a total idiot with this stuff and I'd rather just save it all in an interest-bearing account all year and settle up next January, that's all. This will land me in jail? I will probably make < 60k. Anyone got a useful link for me?
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#16
03-01-2007, 11:22 AM
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Re: How much $ to set aside for next year taxes
[ QUOTE ]
[ QUOTE ] [ QUOTE ] 1.) What is the penalty for just "playing it dumb" and settling up at the start of next year? [/ QUOTE ] Besides the interest and penalties you will have to pay, now you are in the tax fraud category and could do time in a Federal pen. What is so bad about "playing it smart"? [/ QUOTE ] I'm a total idiot with this stuff and I'd rather just save it all in an interest-bearing account all year and settle up next January, that's all. This will land me in jail? I will probably make < 60k. Anyone got a useful link for me? [/ QUOTE ] Well my uncle is a lawyer and he says it's not a criminal offense to not pay your taxes until three years have gone by. That's not to say you won't get some icky fines though....
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#17
03-01-2007, 11:39 AM
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Re: How much $ to set aside for next year taxes
[ QUOTE ]
[ QUOTE ] [ QUOTE ] 1.) What is the penalty for just "playing it dumb" and settling up at the start of next year? [/ QUOTE ] Besides the interest and penalties you will have to pay, now you are in the tax fraud category and could do time in a Federal pen. What is so bad about "playing it smart"? [/ QUOTE ] I'm a total idiot with this stuff and I'd rather just save it all in an interest-bearing account all year and settle up next January, that's all. This will land me in jail? I will probably make < 60k. Anyone got a useful link for me? [/ QUOTE ] The link I gave earlier, the actual tax form is all everyone in this thread needs. Don't google "tax tables," because the tax tables are in my link. Don't guess 33%; complete the form. Don't settle up at the end of the year; send in quarterly payments if you are required to. -Tom
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#18
03-01-2007, 11:39 AM
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Re: How much $ to set aside for next year taxes
I will pay my taxes before the deadline next year at latest...
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#19
03-01-2007, 11:45 AM
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Re: How much $ to set aside for next year taxes
if this is the first year we are filing as 'self employed' do we still need to pay these estimated taxes?
also, what if we're playing poker for a living right now but your situation can change by mid-year, what then?
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#20
03-01-2007, 12:13 PM
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Re: How much $ to set aside for next year taxes
[ QUOTE ]
[ QUOTE ] 1.) What is the penalty for just "playing it dumb" and settling up at the start of next year? [/ QUOTE ] Besides the interest and penalties you will have to pay, now you are in the tax fraud category and could do time in a Federal pen. What is so bad about "playing it smart"? [/ QUOTE ] fed pen?? He will have fines and interest but its not like he would go to prison for it. why do you feel you have to use ridiculous scare tactics.
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