|
Posted by Phil Marti on January 6, 2007, 12:21 am
Please log in for more thread options
> is it possible or even allowed to defer or extend the
> deadline for an estimated tax payment?
No.
> 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
The penalty is computed from the 1/16 due date to the date
you pay it, so pay them as soon as you can and you'll keep
the amount of penalty as low as possible.
Looking forward, you evidently need to tweak your budget so
you don't find yourself in this situation again.
--
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. >>
<< ======================================================= >>
|
|
Posted by Paul Thomas, CPA on January 6, 2007, 12:21 am
Please log in for more thread options
> 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?
You can pay it late, or pay the remaining taxes with the
return. They'll be (possibly) penalties for
late/underpayment of estimated tax, but that can be
minimized by making the payment earlier rather than later.
You can also send in what you can now (by the 15th) and pay
the rest later, making any underpayment that much smaller.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
<< ======================================================= >>
<< 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. >>
<< ======================================================= >>
|
|
Posted by Mike Wellman on January 6, 2007, 12:21 am
Please log in for more thread options Shhhh wrote:
> 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?
If you file your tax return by January 31st and pay the
balance due, you can skip the January 16th payment.
Otherwise no.
<< ======================================================= >>
<< 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. >>
<< ======================================================= >>
|
|
Posted by Steve Pope on January 6, 2007, 12:21 am
Please log in for more thread options
> 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?
You're best off paying by the Jan 16 deadline. Failing
that, the sooner you pay in the months ahead, the lower your
penalty may be.
(But there are also many situations in which the penalty
will not apply, such as having a large boost in income from
the previous year.)
If you don't file and pay by April 15 then you risk being
delinquent, which is more serious, as opposed to being just
in a penalty situation.
Good luck,
Steve
<< ======================================================= >>
<< 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. >>
<< ======================================================= >>
|
|
Posted by Benjamin Yazersky CPA on January 6, 2007, 12:21 am
Please log in for more thread options
> 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?
Well....you just can't pay something if you don't have the
funds in your account to cover it.
However, if you pay late, you will incurr a penalty. By
paying as soon as you have the funds, even just days or a
week or so late will mitigate the penalty.
The penalties for underpaying estimated tax are based on the
amount of tax, interest rate & time (how long) the payment
is late. So, if you make payment a week late, you will
incurr a penalty. But it will likely be minimal.
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
<< ======================================================= >>
<< 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. >>
<< ======================================================= >>
|
| Similar Threads | Posted | | Stimulus payment | March 1, 2008, 6:06 pm |
| Estimated tax payment. | April 12, 2008, 4:59 pm |
| Retroactive Disability payment | February 6, 2007, 10:17 pm |
| SS Disability lump sum payment | April 4, 2007, 2:20 pm |
| House payment tax and interest ded? | July 2, 2007, 1:42 pm |
| IRS payment plan question | August 14, 2007, 3:43 am |
| Re: IRS payment plan question | August 17, 2007, 12:02 am |
| Tax Year for 1099 Payment? | January 6, 2008, 2:46 pm |
| Stimulus Payment for Teenager | March 21, 2008, 3:51 pm |
| how to handle cash payment for stock | March 21, 2008, 7:16 pm |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap