A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Has anyone ever missed a quartery tax payment - Sally

Posted: Jul 15, 2013

I actually thought they were due this month, just pulled out my vouchers and saw they were due last month. I actually watched a video with an accountant and he said you don't have to pay quarterly taxes, they just set it up to help you out. I was wondering though if anyone has actually ever missed a payment and what the outcome was. Trying to find something on the internet but not finding anything except penalties if you owe at the end of the year.

yes - Alice

[ In Reply To ..]
One year, I didn't pay any quarterly tax. At tax time in April my penalty for not having paid quarterly was something like $39 on total taxes owed of $2100.

THANK YOU!!!!! I was starting to have a panic attack - Sally

[ In Reply To ..]
when I saw that. I honestly thought they were due today. I made less money this quarter. My paychecks are going down and we've had some major financial burdens that have hit us these past couple months, so just completely lost track. I'll be paying this quarter, just didn't know how serious the outcome would be that I'm a month late.

Thanks for your reply.

I did not pay any at all last year, none so far - sm - XXX

[ In Reply To ..]
this year either. I have never paid penalties, have owed for that past 4 years. I did make estimated payments for a few years, in 2011 only about half the year thru EFTPS (made them monthy), no penalties. Now I have extra tax payments taken out of my husband's and my checks from a PT job I have outside, so with that I pay about $3500 for my taxes. Just started doing this with my DHs checks about halfway thru last year (have always had extra from mine taken out) so owed about $30 to the IRS for 2012, much better than ther $500 the year before (made less obviously), and the $1K for 2010. But have my income back up to $30K range for 2013 and the $3500 extra I am putting in via our paychecks will cover it so not going to worry about making estimated tax payments. My tax is about 10% of my gross. ---I think you only get penalties when you owe more than you did from the year before, my taxes due/owed have always been less each year.

I never pay them, the only downfall is a small fine - L&L

[ In Reply To ..]
tacked on when you make your yearly payment. No big deal. My thinking is if I die, I'd rather owe the IRS than be prepaid.

I feel the same way. I pay the small fine every year. nm - mtwith6yearstogo

[ In Reply To ..]
xxx

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