2007-06-03 04:33:55 · 4 answers · asked by nosillenhoj 4 in Business & Finance ➔ Taxes ➔ United States
If your total tax is over a $1000 a year then you will have to pay quarterly in order not to have a penalty.
If you make all your sales in the final quarter of the year you do not have to do an estimate if you file your tax by January 31.
2007-06-03 04:37:12 · answer #1 · answered by Barkley Hound 7 · 1⤊ 0⤋
If you're going to owe $1000 or more income tax on the gain, then yes, or you can end up paying a penalty for underwithholding when you file even if you pay all the tax you owe with the filing.
If your tax liability on the stock sales will be less than $1000 for the year, then you aren't required to make quarterly payments.
2007-06-03 15:50:27 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
yes, you are supposed to withold the amount that you think you will end up owing at the end of the year. That is a good trick isn't it. I do the same thing and have never figured out how much I am going to sell or make a profit on.
A good way to do it is guess on how much you are going to need in the way of money to spend. Divide that by four and make those quarterly payments. check your state, you may have to pay them also.
You get fined if you pay too little plus you pay interest for the IRS (maybe the state) and you may get interest if you pay too much.
2007-06-09 17:09:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I'm not possitive, but I say , "No" Check though, and If I'm right, give me best answer... I neeeed it.
2007-06-03 11:36:28 · answer #4 · answered by Anonymous · 0⤊ 5⤋