Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Estimated Income Taxes due 6-15
Old 06-13-2006, 06:02 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,881
Estimated Income Taxes due 6-15

http://taxes.about.com/od/taxplannin...taxes.htm?nl=1

You need to make estimated tax payments if your income tax withholding will not fully cover next year's tax liability. This applies mostly to self-employed people, landlords, and investors. You need to make estimated tax payments at least every three months. This is because your income tax withholding (from your day job) may not be sufficient to pay your federal income tax in full by the end of the year. Figuring your estimated tax payments is quick and easy using these simple steps.
__________________

__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Estimated Income Taxes due 6-15
Old 06-13-2006, 06:12 PM   #2
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Estimated Income Taxes due 6-15

Thanks for the reminder.

Next year I am going to automate them.
__________________

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Estimated Income Taxes due 6-15
Old 06-13-2006, 06:13 PM   #3
Thinks s/he gets paid by the post
Outtahere's Avatar
 
Join Date: Sep 2005
Posts: 1,677
Re: Estimated Income Taxes due 6-15

How do you automate them? Sounds like something I should do.
__________________

Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
Outtahere is offline   Reply With Quote
Re: Estimated Income Taxes due 6-15
Old 06-13-2006, 06:19 PM   #4
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
 
Join Date: Feb 2006
Posts: 3,895
Re: Estimated Income Taxes due 6-15

just got my notice from irs. last year i paid $56 penalty not knowing the rule. following are two links for auto prepay from previous posts by others...

private turbo tax http://tinyurl.com/rbj35

and the public one www.eftps.gov
__________________
"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Re: Estimated Income Taxes due 6-15
Old 06-13-2006, 06:25 PM   #5
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Estimated Income Taxes due 6-15

And here is the thread that talked about automating payments: http://early-retirement.org/forums/i...8246#msg128246
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Estimated Income Taxes due 6-15
Old 06-13-2006, 06:28 PM   #6
Thinks s/he gets paid by the post
Outtahere's Avatar
 
Join Date: Sep 2005
Posts: 1,677
Re: Estimated Income Taxes due 6-15

Thanks Martha and LG4N ... I just have to find out if MA has a way to pay on line and I'm golden
__________________

Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
Outtahere is offline   Reply With Quote
Re: Estimated Income Taxes due 6-15
Old 06-13-2006, 07:25 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,467
Re: Estimated Income Taxes due 6-15

Quote:
Originally Posted by Outtahere
How do you automate them?* Sounds like something I should do.
Yep it's great! www.eftps.gov. I logged on this weekend and scheduled the payment for 6/15.

Been doing it this way for at least 3 years now? Wonderful! (except for part about having to pay estimated taxes, of course ).

Audrey
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Re: Estimated Income Taxes due 6-15
Old 06-13-2006, 07:48 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,615
Re: Estimated Income Taxes due 6-15

The eftps thang works well--it is a little hassle to set up (it's a several step process), but then you're set. The only hitch for me is remembering when the $ are going to be automaticaly taken out of my account, since the dates are not on a regular schedule (thanks for the reminder mickeyd!). I think the IRS should allow /make it easy for folks to make the payments monthly if they want. (or, here's an idea: scrap withholding altogether and go back to the pre-1942 system of paying taxes at the end of the year)
__________________

__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Questions on taxable retirement investing cxw267 Young Dreamers 16 04-25-2006 02:18 PM
Paying your taxes while travelling MJ Life after FIRE 13 04-20-2006 09:43 AM
When are estimated tax payments necesary? WanderALot FIRE and Money 12 04-18-2006 05:54 PM
Foreign ER & Taxes Saver Life after FIRE 22 06-16-2005 12:43 AM

 

 
All times are GMT -6. The time now is 04:22 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.