CPA told me i must pay quarterly taxes! true? - GoFuckYourself.com

gfy1016 · 04-17-2007, 01:56 PM

got my taxes done today buy a tax firm. this is my first year as a webmaster and was new to all this. He said i must pay quarterly taxes because it will avoid late fees and the irs will tell you that you should. I just went along with him and said ok. He might have had other reasons but this is what i understood from him. So the quarterly was also due today so i paid that to.

baddog · 04-17-2007, 02:00 PM

that's right, pay a professional but come to GFY to question his advice

Sosa · 04-17-2007, 02:00 PM

I pay them, prefer doing it that way so I don't have one big ass check at the end of the year to pay in on.

bluelads · 04-17-2007, 02:05 PM

nice!!!!!!!!!

The Heron · 04-17-2007, 02:11 PM

Don't pay taxes, you are a webmaster and exempt!

Shoehorn! · 04-17-2007, 02:13 PM

Paying estimated tax isn't a bad idea, that way you don't get hit with a huge amount at the end of the year.

Shoehorn! · 04-17-2007, 02:15 PM

Quote:

Originally Posted by The Heron

Don't pay taxes, you are a webmaster and exempt!

D · 04-17-2007, 02:17 PM

Quote:

Originally Posted by The Heron

Don't pay taxes, you are a webmaster and exempt!

Crap!

I forgot all about that this year, and I already sent mine out!

Phoenix · 04-17-2007, 02:18 PM

pay quarterly...mani pay automaitcally every two weeks.

just set a safe number and make it deduct automatically from your bank account each time.

then you only have to cover a couple k at most each year

Webby · 04-17-2007, 02:19 PM

Quote:

Originally Posted by baddog

that's right, pay a professional but come to GFY to question his advice

WDjay · 04-17-2007, 02:19 PM

If you are able to control yourself.......It is not a bad Idea to invest the money thougout the year and earn yourself some kind of return.

The only reason not to want "a big pyment" at the end of the year is if you cant keep yourself from spending it on crap.

bdld · 04-17-2007, 02:30 PM

you could pay weekly if you want/need to, but you must at least pay quarterly. apr 15, jun 15, sept 15 and jan 15 are the due dates for '07 taxes

WiredGuy · 04-17-2007, 02:31 PM

Quote:

Originally Posted by WDjay

If you are able to control yourself.......It is not a bad Idea to invest the money thougout the year and earn yourself some kind of return.

The only reason not to want "a big pyment" at the end of the year is if you cant keep yourself from spending it on crap.

That's what I do, one lump sum at the end of the year as a bonus or dividend.
WG

sortie · 04-17-2007, 02:41 PM

Quote:

Originally Posted by gfy1016

got my taxes done today buy a tax firm. this is my first year as a webmaster and was new to all this. He said i must pay quarterly taxes because it will avoid late fees and the irs will tell you that you should. I just went along with him and said ok. He might have had other reasons but this is what i understood from him. So the quarterly was also due today so i paid that to.

If the taxes you owe are a large amount in your second year with a profit then you could face penalties for not paying "estimated" tax which is usually done on a quarterly basis. If your yearly tax is minimal then the IRS will not require that.

If you are writing checks for more than a couple of thousand at the end of the year then it's best to pay estimated tax to avoid any legal or financial
problems.

MandyBlake · 04-17-2007, 02:44 PM

you don't HAVE to pay estimated but its a good idea.

Barefootsies · 04-17-2007, 03:01 PM

Quote:

Originally Posted by bdld

you could pay weekly if you want/need to, but you must at least pay quarterly. apr 15, jun 15, sept 15 and jan 15 are the due dates for '07 taxes

Exactly. Except the dates are 17th, not 15th.

If you do not pay them, you can get interest/late fees. It's not a choice if you owe more than $1000.00 for the tax year.

Barefootsies · 04-17-2007, 03:04 PM

Quote:

Originally Posted by MandyBlake

you don't HAVE to pay estimated but its a good idea.

Incorrect.

I've had both a tax attorney, and a CPA tell me on more than one occasion that you must pay quarterly if you made a profit the past year, and are going to owe more than $1000.00 for the tax year.

If you had a loss, or will owe less than $1000, then you do not have to.

Snake Doctor · 04-17-2007, 03:17 PM

You have to pay withholding tax if you pay yourself a salary. That has to be paid every month, it includes estimated withholding plus FICA taxes on your salary.

Estimated tax payments on your bonuses or dividends or any other profits that don't come in the form of a salary don't have to be paid quarterly, but if they're not you have to pay an underpayment penalty at the end of the year.

Personally I don't pay quarterly because the interest rate for underpayment is so low I'd rather use that money as operating capital during the year, and then pay the small interest charge. That's better than being without the money during the year IMO.

noone1 · 04-17-2007, 03:21 PM

In the US you have to pay quarterly. If you don't, you get hit with a penalty. Basically how it works is, you must have 110% of you tax liability of the previous year paid. So you make quarterly estimates based on your tax liability from the year before. If you fall behind, you pay a penalty and if you didnt pay a shit load of taxes throughout the year, you better be prepared for a shitty penalty.

sicone · 04-17-2007, 03:28 PM

yes its true.. but how much and why varies based on several factors

Jimmy Rock · 04-17-2007, 03:30 PM

best way to do it

tony286 · 04-17-2007, 03:32 PM

you can make the payments online its not that painful

gfy1016 · 04-17-2007, 03:49 PM

thanks for the replies, at first i wasnt happy about it but in the long run at the end of the year ill be glad i was forced to pay them quarterly!

lesbodojo · 04-17-2007, 03:50 PM

Sadly, it's true.

ffblueocean · 04-17-2007, 04:10 PM

plus

equals Happy Tax Day!

Forest · 04-17-2007, 04:25 PM

I pay once a year

why should i let the govt play with my money when i can?

BV · 04-17-2007, 04:49 PM

Quote:

Originally Posted by Lenny2

You have to pay withholding tax if you pay yourself a salary. That has to be paid every month, it includes estimated withholding plus FICA taxes on your salary.

Estimated tax payments on your bonuses or dividends or any other profits that don't come in the form of a salary don't have to be paid quarterly, but if they're not you have to pay an underpayment penalty at the end of the year.

Personally I don't pay quarterly because the interest rate for underpayment is so low I'd rather use that money as operating capital during the year, and then pay the small interest charge. That's better than being without the money during the year IMO.

DITTO - This is fact.

vvq · 04-17-2007, 05:24 PM

Quote:

Originally Posted by Forest

I pay once a year

why should i let the govt play with my money when i can?

penalties/late fees. as already stated.

g$$$ · 04-17-2007, 05:25 PM

yeah....looks like u make too much $$$

Forest · 04-17-2007, 05:53 PM

Quote:

Originally Posted by vvq

penalties/late fees. as already stated.

i dont pay penalties or late fees

my cpa has me set up on once a year tax payments

KaliC · 04-17-2007, 06:10 PM

I pay yearly

L-Pink · 04-17-2007, 06:36 PM

Your adult webmaster "false expenses gone wild" deduction should off-set any liability.

You can also just say "I forgot" then remind the IRS guys you pay their salary (sometimes) ... good luck ..... Lee, a Jackson Hewitt franchisee.

GigoloMason · 04-17-2007, 06:58 PM

Quote:

Originally Posted by WDjay

If you are able to control yourself.......It is not a bad Idea to invest the money thougout the year and earn yourself some kind of return.

The only reason not to want "a big pyment" at the end of the year is if you cant keep yourself from spending it on crap.

That and the fines you get slapped with for not making quarterlies if you make any sort of significant $$.

woj · 04-17-2007, 07:29 PM

Quote:

Originally Posted by baddog

that's right, pay a professional but come to GFY to question his advice

woj · 04-17-2007, 07:39 PM

Quote:

Originally Posted by GigoloMason

That and the fines you get slapped with for not making quarterlies if you make any sort of significant $$.

There are no fines (as far as I know), you only pay interest, which currently is 8%, it's somewhat high, but not terrible...

warlock5 · 04-17-2007, 07:51 PM

nothing like a good old straight answer from gfy

Snake Doctor · 04-17-2007, 08:41 PM

Quote:

Originally Posted by Barefootsies

Incorrect.

I've had both a tax attorney, and a CPA tell me on more than one occasion that you must pay quarterly if you made a profit the past year, and are going to owe more than $1000.00 for the tax year.

If you had a loss, or will owe less than $1000, then you do not have to.

Ok well you listen to your CPA and I'll listen to mine.

I've never paid quarterly or any estimated payments for that matter. I pay withholding on my salary every month and then write one big check on April 15 every year.

You have to pay the underpayment penalty interest (which is negligible) and that's it, there are no "fines" or any other requirements other than the interest.

Grapesoda · 04-17-2007, 09:01 PM

186 thousand miles per second . . . it's the law!!!!

TSGlider · 04-17-2007, 11:07 PM

You're better off paying quarterly. If you don't then bad shit happens. Take me, for example. I didn't pay any estimated taxes all '06. As a result, my accountant gave me a bill last month that made faint like someone's grandmother.

Snake Doctor · 04-17-2007, 11:20 PM

Quote:

Originally Posted by EuroDuke

You're better off paying quarterly. If you don't then bad shit happens. Take me, for example. I didn't pay any estimated taxes all '06. As a result, my accountant gave me a bill last month that made faint like someone's grandmother.

If you know your business then you have a really good idea of what the tax bill is going to be and you should plan accordingly.

If you're the kind of person that can't keep money in the bank without spending it then the odds are good you won't be in business for yourself for very long

V_RocKs · 04-18-2007, 12:33 AM

This year is about $43K... I didn't pay all of the quarterlies.... Won't effect me to much but now I wish I did because I have something I wanted to do with that money... Will have to wait another month or two now... shit happens.

Barefootsies · 04-18-2007, 03:35 AM

Quote:

Originally Posted by Lenny2

Ok well you listen to your CPA and I'll listen to mine.

I've never paid quarterly or any estimated payments for that matter. I pay withholding on my salary every month and then write one big check on April 15 every year.

You have to pay the underpayment penalty interest (which is negligible) and that's it, there are no "fines" or any other requirements other than the interest.

That I will as he is the one who puts the signature on my tax returns. Which means he had better know what he's talking about as the IRS comes to him first. I'll also listen to my tax attorney as he would be the one who would have to represent me for such matters.

You ASSume I draw a straight salary in your example. Hence, your misconception.

04-17-2007, 01:56 PM	#1
gfy1016 Confirmed User Join Date: Dec 2006 Location: Dirty Jersey Posts: 138	CPA told me i must pay quarterly taxes! true? got my taxes done today buy a tax firm. this is my first year as a webmaster and was new to all this. He said i must pay quarterly taxes because it will avoid late fees and the irs will tell you that you should. I just went along with him and said ok. He might have had other reasons but this is what i understood from him. So the quarterly was also due today so i paid that to.

04-17-2007, 02:05 PM	#4
bluelads Registered User Join Date: Apr 2007 Posts: 48	nice!!!!!!!!! __________________ YouTube Video Download

04-17-2007, 02:13 PM	#6
Shoehorn! Die With Your Boots On Join Date: Oct 2003 Location: Hawaii Posts: 22,872	Paying estimated tax isn't a bad idea, that way you don't get hit with a huge amount at the end of the year. __________________

04-17-2007, 02:18 PM	#9
Phoenix BACON BACON BACON Industry Role: Join Date: Nov 2002 Location: Poems everybody, the laddie fancies himself a poet Posts: 35,462	pay quarterly...mani pay automaitcally every two weeks. just set a safe number and make it deduct automatically from your bank account each time. then you only have to cover a couple k at most each year __________________ Skype Phoenixskype1 Telegram PhoenixBrad https://quantads.io

04-17-2007, 02:19 PM	#11
WDjay Confirmed User Join Date: Feb 2006 Location: So.Cal Posts: 381	If you are able to control yourself.......It is not a bad Idea to invest the money thougout the year and earn yourself some kind of return. The only reason not to want "a big pyment" at the end of the year is if you cant keep yourself from spending it on crap. __________________

04-17-2007, 02:00 PM	#2
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,089	that's right, pay a professional but come to GFY to question his advice

04-17-2007, 02:00 PM	#3
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	I pay them, prefer doing it that way so I don't have one big ass check at the end of the year to pay in on.

04-17-2007, 02:11 PM	#5
The Heron Confirmed User Industry Role: Join Date: Apr 2001 Location: Michigan Posts: 4,487	Don't pay taxes, you are a webmaster and exempt!

04-17-2007, 02:30 PM	#12
bdld $100,000 Join Date: Dec 2001 Posts: 11,452	you could pay weekly if you want/need to, but you must at least pay quarterly. apr 15, jun 15, sept 15 and jan 15 are the due dates for '07 taxes

04-17-2007, 02:44 PM	#15
MandyBlake The one and only! Industry Role: Join Date: Nov 2002 Location: Atlanta, GA Posts: 17,761	you don't HAVE to pay estimated but its a good idea. __________________ Mandy's Playhouse Her First Fat Girl If you're interested in promoting my sites, ICQ me! 178411921

04-17-2007, 03:17 PM	#18
Snake Doctor I'm Lenny2 Bitch Join Date: Mar 2001 Location: On top of my soapbox Posts: 13,449	You have to pay withholding tax if you pay yourself a salary. That has to be paid every month, it includes estimated withholding plus FICA taxes on your salary. Estimated tax payments on your bonuses or dividends or any other profits that don't come in the form of a salary don't have to be paid quarterly, but if they're not you have to pay an underpayment penalty at the end of the year. Personally I don't pay quarterly because the interest rate for underpayment is so low I'd rather use that money as operating capital during the year, and then pay the small interest charge. That's better than being without the money during the year IMO. __________________ sig too big

04-17-2007, 03:21 PM	#19
noone1 So Fucking Banned Join Date: Apr 2007 Posts: 111	In the US you have to pay quarterly. If you don't, you get hit with a penalty. Basically how it works is, you must have 110% of you tax liability of the previous year paid. So you make quarterly estimates based on your tax liability from the year before. If you fall behind, you pay a penalty and if you didnt pay a shit load of taxes throughout the year, you better be prepared for a shitty penalty.

04-17-2007, 03:28 PM	#20
sicone Retired Industry Role: Join Date: Jan 2004 Location: Sac Posts: 18,453	yes its true.. but how much and why varies based on several factors __________________

04-17-2007, 03:30 PM	#21
Jimmy Rock Confirmed User Join Date: Feb 2005 Location: West Hollywood Posts: 3,055	best way to do it __________________ Jimmy Rock \| ICQ: 285 748 329 [email protected]

04-17-2007, 03:32 PM	#22
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	you can make the payments online its not that painful

04-17-2007, 03:49 PM	#23
gfy1016 Confirmed User Join Date: Dec 2006 Location: Dirty Jersey Posts: 138	thanks for the replies, at first i wasnt happy about it but in the long run at the end of the year ill be glad i was forced to pay them quarterly!

04-17-2007, 03:50 PM	#24
lesbodojo Confirmed User Join Date: Sep 2003 Location: San Francisco Posts: 2,839	Sadly, it's true. __________________ Adult DVDs + Amateur Video Mobile Porn (iPad, Android, iPhone, + Palm Pre) Promote SkinVideo! Payoneer Payouts Available! Let's talk! icq 328.047.782 aim/yim/skype: lesbodojo or lesbodojo at skinvideo dot com

04-17-2007, 04:10 PM	#25
ffblueocean Confirmed User Join Date: Jan 2007 Location: San Jose, CA Posts: 231	plus equals Happy Tax Day! Last edited by ffblueocean; 04-17-2007 at 04:11 PM..

04-17-2007, 04:25 PM	#26
Forest Confirmed User Industry Role: Join Date: Aug 2001 Location: Hollywood Fl. Posts: 8,988	I pay once a year why should i let the govt play with my money when i can?

04-17-2007, 05:25 PM	#29
g$$$ Confirmed User Join Date: Mar 2007 Posts: 2,807	yeah....looks like u make too much $$$

04-17-2007, 06:10 PM	#31
KaliC Sexy Beast Industry Role: Join Date: Jan 2005 Posts: 617	I pay yearly __________________ AdultWebHosting.com

04-17-2007, 06:36 PM	#32
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Your adult webmaster "false expenses gone wild" deduction should off-set any liability. You can also just say "I forgot" then remind the IRS guys you pay their salary (sometimes) ... good luck ..... Lee, a Jackson Hewitt franchisee.

04-17-2007, 07:51 PM	#36
warlock5 Confirmed User Join Date: Jan 2004 Location: Uranus Posts: 2,808	nothing like a good old straight answer from gfy

04-17-2007, 09:01 PM	#38
Grapesoda So Fucking Banned Industry Role: Join Date: Jul 2003 Location: Montana Posts: 46,238	186 thousand miles per second . . . it's the law!!!!

04-17-2007, 11:07 PM	#39
TSGlider Confirmed User Industry Role: Join Date: Aug 2006 Posts: 673	You're better off paying quarterly. If you don't then bad shit happens. Take me, for example. I didn't pay any estimated taxes all '06. As a result, my accountant gave me a bill last month that made faint like someone's grandmother. __________________ BaDoink skype: tsglider

04-18-2007, 12:33 AM	#41
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,409	This year is about $43K... I didn't pay all of the quarterlies.... Won't effect me to much but now I wish I did because I have something I wanted to do with that money... Will have to wait another month or two now... shit happens.