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Posted by Shhhh on January 5, 2007, 8:06 am
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Hello all,
is it possible or even allowed to defer or extend the
deadline for an estimated tax payment? I just figured out my
quarterly federal and state estimated payments are do on the
16th of January and I'm afraid I won't have the funds by
then... is this something that is done? and if so how?
Thank you all,
Shhhh
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Posted by Bill on January 6, 2007, 12:02 am
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123@456.com (Shhhh) posted:
> is it possible or even allowed to defer or
> extend the deadline for an estimated tax
> payment? I just figured out my quarterly
> federal and state estimated payments are do
> on the 16th of January and I'm afraid I won't
> have the funds by then... is this something that
> is done? and if so how?
No, there is no "automatic extension" mechanism. The
payment is due when it is due (and btw, it's January _15_).
The question of whether it's a big problem depends on the
magnitude of the payments and your total tax bill. If, for
example, you're paying $400 quarterly against an anticipated
total bill of $1,600, then it's no big deal ... because your
final amount due and submitted with your actual return, will
be less than $1,000 -- with no penalty.
However, if you're making quarterly payments of $5,000 -
with an anticipated total tax bill of $21,000 +/- ... then
you'd best find some way to make the payment, or face a
penalty. Maybe a short-term loan?
Btw, timely payment requires the coupon and check be mailed
on January 15, but the receipt, opening and "entering" of
those millions of envelopes + checks is a complicated
process, and usually a day or two late will be overlooked --
since a timely mailing might vary in delivery or receipt by
a couple of days. (Not a recommendation: simply an
observation of the process.)
Bill
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bob Sandler on January 7, 2007, 11:11 pm
Please log in for more thread options > and btw, it's January _15_.
It's January 16 this year because the 15th is Martin Luther
King, Jr. Day, a federal holiday.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Seth Breidbart on January 8, 2007, 9:58 pm
Please log in for more thread options > 123@456.com (Shhhh) posted:
>> is it possible or even allowed to defer or
>> extend the deadline for an estimated tax
>> payment? I just figured out my quarterly
>> federal and state estimated payments are do
>> on the 16th of January and I'm afraid I won't
>> have the funds by then... is this something that
>> is done? and if so how?
> No, there is no "automatic extension" mechanism. The
> payment is due when it is due (and btw, it's January _15_).
This year, January 15 is a holiday, pushing the due date to
January 16 (at least in some states).
Seth
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Phil Marti on January 10, 2007, 9:57 pm
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> This year, January 15 is a holiday, pushing the due date to
> January 16 (at least in some states).
January 15 is a Federal holiday (MLK Day), so it applies in
all states.
You're probably thinking of April 16, Patriot's Day in Mass.
That gives states covered by the Andover Service Center
until April 17:
http://www.irs.gov/newsroom/article/0,,id=164052,00.html
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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