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Old 04-03-2014, 08:28 AM   #21
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Originally Posted by pb4uski View Post
I like what LOL advises. Make a copy of your 2013 tax return and change it as needed to reflect your 2014 numbers - taking our wages as appropriate, adding in Sch C, etc. Take the taxes for 2014, divide by 4 and round up. Reduce the 1Q estimated payment for any withholdings in 2014.

Repeat, with updated info for Q2,Q3 and Q4 and you should be pretty close.
Yes, that's exactly what I did yesterday.
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Old 04-03-2014, 09:24 AM   #22
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Originally Posted by nun View Post
2013 taxes are done as I was an employee all year.

In 2014 my income will be far less than in 2013 so 110% of my 2013 taxes would be way over paying.
As long as you pay 90% of your actual Federal tax during the year you are not subject to a penalty.
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