The IRS doesn't fuck around

[Mik]

You should. The penalty is absurd. Do you have a good accountant or do you do it yourself?

[89th]

When/how does someone need to do quarterly taxes? I always file and pay (or get paid) in April. This year I'm going to owe a lot for various company and investment reasons, wonder if that'll make me required to do quarterlies next year? I literally have no idea, I should ask TARS.

[Mik]

You'd best figure that out and send it in beforehand. if you wait you may be penalized. I'm sure you can find a calculator online.

[jon-nyc]

@Mik said in The IRS doesn't fuck around:

You should. The penalty is absurd. Do you have a good accountant or do you do it yourself?

No, and yes. Lol

[jon-nyc]

@89th said in The IRS doesn't fuck around:

When/how does someone need to do quarterly taxes? I always file and pay (or get paid) in April. This year I'm going to owe a lot for various company and investment reasons, wonder if that'll make me required to do quarterlies next year? I literally have no idea, I should ask TARS.

Generally you have to keep you taxes paid throughout the year within a certain percentage of what you will end up owing (80 I think) or above what you actually owed the year before. For standard wage earners withholding covers that. If you have sufficient business income or investment income or other income for which no money is withheld that’s when it becomes necessary.

AI can give you the details.

[AndyD]

Seems rather heavy handed . Are tax mistakes always so harshly punished?

[jon-nyc]

I think there’s something else going on. I’m still investigating. I’ve paid small penalties before never something that grabbed your attention.

[Mik]

Me too, but they were modest, like $245 penalty for a $5,000 shortage.

[Tom-K]

@jon-nyc said in The IRS doesn't fuck around:

I think there’s something else going on. I’m still investigating. I’ve paid small penalties before never something that grabbed your attention.

They've seen your posts on TNCR.

Seriously though--good luck with that. It's unconscionable unfair. But, that's why the IRS has the reputation it has.

[Horace]

We warned you.

[jon-nyc]

Well this softens the blow. From NY state.

It came with a check.

I admit when i saw the envelope in the mail my first thought was “FFS now what”

[mark]

They could have just kept quiet and you probably never would have caught it. WTF man! Leaving money on the table like that! Lol

[taiwan_girl]

Drinks are on Jon!!!!