Paying Quarterly Taxes

[jojosmommy]

Anyone have a good method for putting away the money to pay quarterlies? I was taking all my food program reimbursements and putting them in a seperate "tax" account to pay quarterlies when necessary. Anyone have any other good ideas?

Also, we paid in quarterly to our state (MN) last year. Just to state I (the business) paid in over 2500 got back 269 after our taxes were settled. This year our accountant has us just paying in Fed quarterlies and nothing to state. My gut tells me that if we paid in approx 2300 additional last year just to state and we pay nothing in to state extra this year at tax time we will likely owe about that 2300 that we should have paid in. My husband and my income and expenses are very much the same as this last years. Should I be paying in to our state even though my accountant suggested not to? ((I have left him two messages and emails but looks like he is taking a month off after tax season :)

[TomCopeland]

estimated taxes

If your financial situation for 2011 is approximately the same as 2010 and there aren't any other unusual circumstances for 2011, then you will owe approximately the same amount for state income taxes. This means you should be paying in state income taxes throughout the year. I don't know why your accountant gave you that advice - my guess is that he will acknowledge his mistake.

[jojosmommy]

If your financial situation for 2011 is approximately the same as 2010 and there aren't any other unusual circumstances for 2011, then you will owe approximately the same amount for state income taxes. This means you should be paying in state income taxes throughout the year. I don't know why your accountant gave you that advice - my guess is that he will acknowledge his mistake.

Thanks! I questioned it right away. We are still waiting for our 09 taxes to be ammended due to some major errors. (By a different tax person but lets just say my eagle eyes are all over tax stuff now.) Can I apply a refund from that ammendment right to my quarterlies?

[lil angels]

My husband just takes out an extra $20 and $80 out of his every two week pay check that covers my taxes for the year I don't know how much you guys make but it works really well for us then we don't have to think about it. I have a kick but guy in MN that is unbelievable we have been going to him for over 10 yrs and he specializes in daycare I don't know where your at but he is worth the drive. If you would like his name let me know.

[TomCopeland]

Estimated taxes

Thanks! I questioned it right away. We are still waiting for our 09 taxes to be ammended due to some major errors. (By a different tax person but lets just say my eagle eyes are all over tax stuff now.) Can I apply a refund from that ammendment right to my quarterlies?

Yes, can apply any refund to your estimated taxes.