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Posted by Kurt Ullman on June 24, 2007, 10:41 pm
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>> My daughter works full time (with withholding, etc.) but has
>> started up a small business on the side. Is there some
>> number (either specific dollars or other metric) where she
>> should start worrying about estimated taxes? Don't want any
>> nasty surprises in APril.
> When her withholding will not cover the amount of the prior
> year's tax, or 90% of the current year's tax (whichever is
> less or these "safe harbors") she will owe a penalty for the
> shortage, computed at 8% simple interest on the underpayment
> for the time it was underpaid.
Okay, so I'll have her look at increasing withholding,
because she did have to pay a little bit extra but only for
about 2 months of "da biz"
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