Taxes

Roguegal · #1 (**permalink**) 01-11-07, 18:06

Can anybody tell me if it is mandatory to make quarterly tax payments for self-employment taxes? I really do not make that much and it makes it difficult to make a quarterly payment. I would love to know if I am going to get a penalty.

echos · #2 (**permalink**) 01-11-07, 22:19

I don`t either and I have never made quartely payments. I do it all in April.

Slashmire · #3 (**permalink**) 01-11-07, 23:15

Heh, I wouldn't try not declaring it because you feel it's not that much; at the very least I would look at what the minimum amount of "okay" money that you are allowed to. If I remember correctly, if the fiscal year is under $500 then it's okay. Not sure though.

Goldberry · #4 (**permalink**) 02-11-07, 02:07

You are required to pay quarterly. If you do it all in April, they will usually charge you some kind of penalty fee. (Somewhere in the $200 range) I know this because that is what we have to pay every year. : P Maybe one of these years we will get it together enough to do the quarterlies.

I despise paying taxes.

*Gets on her soapbox*

But, I think if everyone in America had to pay taxes like we do-- write a big check and actually see the money go away, they would have another tax revolt. Witholding just shields people from the enormity of our tax burden.

*Gets down off her soapbox*

Good luck on the taxes. : )