For Those Of You That File Quarterly Taxes

[MarinaVanessa]

I have never paid quarterly taxes ... EVER. What is it? What are the advantages and disadvantages? How do you do it? As in what forms do you need and where do you pay, how much etc? I've never owed taxes before but I have a feeling that I very well may have to next year so I'm wondering if this is better??? Comments, Ideas?

[EntropyControlSpecialist]

I owe. I will be sending in 20% of what I made from Jan.-March by April 15.

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

At the very bottom you will see "payment vouchers" (4). They each have the due date on them.
1 - April 15
2 - June 17
3 - September 16
4 - January 15

[Jewels]

I also get confused on this, my tax preparer said since my husband files 0, and I have never owed more than $40, that I have been fine to not pay quarterly, last year I got my income down to $18000, and owed $40. this year I think I can get it fairly close if maybe $19000 instead, so I don't think I'll owe to much more than last year.but next year, I do not think I will be able to be so lucky, not sure If I should have my husband have even more taken out of his checks, set aside, or pay quarterly, guess I'll ask my tax guy tomorrow.

[Jewels]

I owe. I will be sending in 20% of what I made from Jan.-March by April 15.

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

At the very bottom you will see "payment vouchers" (4). They each have the due date on them.
1 - April 15
2 - June 17
3 - September 16
4 - January 15

Shoot that would be $2500, I sure didn't plan for that.

[MissAnn]

I also get confused on this, my tax preparer said since my husband files 0, and I have never owed more than $40, that I have been fine to not pay quarterly, last year I got my income down to $18000, and owed $40. this year I think I can get it fairly close if maybe $19000 instead, so I don't think I'll owe to much more than last year.but next year, I do not think I will be able to be so lucky, not sure If I should have my husband have even more taken out of his checks, set aside, or pay quarterly, guess I'll ask my tax guy tomorrow.

I think as long as you pay 90% through the year you are OK. I might have the % wrong but someone will correct me.

[Jewels]

Yeah your right, I should have my husband increase his withholdings, I think I'll be fine for this year, but next year won't be as good. but I'm not sure what I should tell him to increase them to, right now he files 0....where do you go from zero?

[Patches]

Yeah your right, I should have my husband increase his withholdings, I think I'll be fine for this year, but next year won't be as good. but I'm not sure what I should tell him to increase them to, right now he files 0....where do you go from zero?

Does he claim married, but withold at the higher single rate?

[momofsix]

Our accountant told us how much we should pay each quarter so that we won't owe (hopefully) at tax time.
I pay it https://www.eftps.gov/eftps/ here. Very simple and easy to do! It's free too!

[Jewels]

Its probably just married, so he should file Single 0? should he do even more than that?

[itlw8]

dh claims married at a higher single rate 0 deductions ( so he does not claim himself. he also has an extra $20 taken out for state and $50 for feds. We got a refund so he needs to change that. We keep an eye on it and stop the extra money later in the year

[DaisyMamma]

I too want to start paying and I'm glad you started this thread. If I keep going without paying I will get nothing from social security when its time to retire.

So, we download these coupons and send in 20% of our pay for the 3 months, right?
So my question is what if I make 12k in the 3 months, but at the end of the year I know I will write off 25% of that, meaning my net pay isn't 12k, its 9k. Do I send in $1800 or do I send in $2,400?
Holy cow. I'm not prepared for that at all. I think I better start next year

If Im not mistaken you don't get a refund at the end of the year if you over pay? Where does it go then? Is it all in your SS or does the gov just keep it? Or am I misinformed?

[Jewels]

I too want to start paying and I'm glad you started this thread. If I keep going without paying I will get nothing from social security when its time to retire.

So, we download these coupons and send in 20% of our pay for the 3 months, right?
So my question is what if I make 12k in the 3 months, but at the end of the year I know I will write off 25% of that, meaning my net pay isn't 12k, its 9k. Do I send in $1800 or do I send in $2,400?
Holy cow. I'm not prepared for that at all. I think I better start next year

If Im not mistaken you don't get a refund at the end of the year if you over pay? Where does it go then? Is it all in your SS or does the gov just keep it? Or am I misinformed?

Thats how I am so far by then end of march I will be at 13k.

[Jewels]

dh claims married at a higher single rate 0 deductions ( so he does not claim himself. he also has an extra $20 taken out for state and $50 for feds. We got a refund so he needs to change that. We keep an eye on it and stop the extra money later in the year

Can I ask how much you usually gross? and does your husband get paid weekly or Bi-weekly?

[Patches]

Its probably just married, so he should file Single 0? should he do even more than that?

Not single. There are 3 options:
Single
Married
Married, but withold at higher single rate

And he should still claim 0, but you may also have to have him take extra out.....from my understanding

[DaisyMamma]

Not single. There are 3 options:
Single
Married
Married, but withold at higher single rate

And he should still claim 0, but you may also have to have him take extra out.....from my understanding

That makes sense to me only if you aren't worried about your own SS. What happens if god forbid you split up. He got all the taxes out of his check and you didn't pay into your SS because of it. Then you get nothing. Am I totally off track? I really don't "get" tax stuff.