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Safe Harbor Percentage?

 

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Subject Author Date
Safe Harbor Percentage? CWLee 03-07-2008
Posted by CWLee on March 7, 2008, 10:05 am
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In recent years the safe harbor percentage rate (to avoid
underpayment of estimated FIT) has been 110% of the previous
year's tax with respect to quarterly estimated FIT
prepayments. I've been unable to locate the rate to be used
for estimated 2008 estimated FIT prepayments. Can anyone
provide a pointer?

I have the same question for California estimated income tax
prepayments.

Thanks.

--
----------
CWLee
Former slayer of dragons; practice now limited to sacred
cows. Believing we should hire for quality, not quotas, and
promote for performance, not preferences.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
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<< >>
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Posted by removeps-groups@yahoo.com on March 7, 2008, 12:37 pm
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> In recent years the safe harbor percentage rate (to avoid
> underpayment of estimated FIT) has been 110% of the previous
> year's tax with respect to quarterly estimated FIT
> prepayments. I've been unable to locate the rate to be used
> for estimated 2008 estimated FIT prepayments. Can anyone
> provide a pointer?
>
> I have the same question for California estimated income tax
> prepayments.

Search for "1040-ES 2008"

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

For California "540-ES 2008 instructions"

http://ftb.ca.gov/forms/2008/08_540esins.pdf

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by cpabakem01 on March 7, 2008, 12:40 pm
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> In recent years the safe harbor percentage rate (to avoid
> underpayment of estimated FIT) has been 110% of the previous
> year's tax with respect to quarterly estimated FIT
> prepayments.  I've been unable to locate the rate to be used
> for estimated 2008 estimated FIT prepayments.  Can anyone
> provide a pointer?
>
> I have the same question for California estimated income tax
> prepayments.
>
> Thanks.
>
> --
> ----------
> CWLee
> Former slayer of dragons; practice now limited to sacred
> cows.  Believing we should hire for quality, not quotas, and
> promote for performance, not preferences.
>
> --
> << ------------------------------------------------------- >>
> << 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 atwww.asktax.org.                 >>
> <<         Copyright (2007) - All rights reserved.         >>
> << ------------------------------------------------------- >>

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

Milt Baker CPA

========================================= MODERATOR'S COMMENT:
Please delete all unnecessary text from the text to which you respond.

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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