Fines/Penalities
Posted By: Patti on 2007-01-09
In Reply to: A question then...sm - Anon2
It all depends on the amount you owe. No matter if you are an IC, employee or what when you do your schedule C and with your personal taxes if you owe over a certain amount, an automatic penalty is applied. Have been doing this for 18 years. I have never paid quarterly as was married and had my husband over withold but sometimes it was not enough. But the fine was very minimal to me and not worth it to worry about doing quarterly taxes. This may have changed recently but again all of this information is on the IRS web page. But for those that say they paid thousands of dollars in taxes and never did quarterly and DID NOT have a penalty applied are lying. Especially if you use Turbo Tax or any of the programs. And even on the forms, it will say under "Amount owed" if it is over a certain amount penalties apply. But if they had a spouse withhold or it was under I cannot remember the amount, less than a couple of hundred the penalty is very minute. I had friends that were in business for themselves and they chose to pay by April 15th and also had to pay the penalty but again they chose to do that than pay quarterlies. So get some forms or a software program and plug in your numbers and figure it out.
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