I didn't pay any of my quarterly taxes this year. I am just wondering what kind of penalties come from doing that.
2007-01-22 07:34:10 · 4 answers · asked by Isaac C 3 in Business & Finance ➔ Taxes ➔ United States
It depends on how much you end up owing. If you only owe a couple thousand dollars or less, it's not much.
2007-01-22 07:37:37 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
The other posters are correct you will probably owe a penalty. As to your question of why? The tax system is a pay as you go system, the government spends the money through out the year and needs the influx of cash to pay it's obligation. Think of it this way, what would happen to you if your employer waited a year to pay you? Wouldn't you want a little extra assuming you could stay in business? If you are required to pay estimated taxes you must pay them at least quarterly, however you can pay them more often such as monthly per the 1040es instructions.
2016-05-23 22:19:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
OMG! Didn't you read the booklet that came with the payment coupons? You should have gotten a letter with coupons that told you how to estimate your amount due and all about penalties and interest the latest amount will have the largest amount due.
Get with your accountant at once! I hope you have deeper pockets than I do!
2007-01-22 07:47:34 · answer #3 · answered by Star of Florida 7 · 0⤊ 0⤋
anything from threatening letters, to pay garnishment to jail.
2007-01-22 07:38:14 · answer #4 · answered by Anonymous · 0⤊ 1⤋