If you pay estimated tax payments (which you should, if you make enough to owe more than $1,000 in federal taxes at the end of the year) then take note: Your fourth estimate tax payment for 2007 is due tomorrow, January 15th.
There is one exception for this: You don't have to pay the fourth estimated tax payment if you will be filing your taxes (and paying the amount due, of course) by January 31st.
(I find that caveat amusing, by the way. If you don't have the money to pay the amount due on your taxes by January 31st, you're probably even less likely to have the money to pay the estimated tax payment by January 15th. I suppose they have to say that to avoid creating any loopholes, though.)
In any case, I'm stuck paying the last estimated tax payment: Michael and I are filing our tax returns jointly for the first time, and there's no way he'll get his W-2 from his employer in time to file by January 31st.
Sponsored
Subscribe to:
Post Comments (Atom)
Sponsored
Popular Posts
-
This is a very long post, but the information contained in it is potentially very important, so please bear with me. On Monday I read a very...
-
I try to keep this blog mostly writing-related, but every once in a while I see something in the news that I just have to comment about. Tod...
-
Please see the bottom of this post for an update. Quite recently, I blogged about an email I received from Rob Palmer, the president of GoF...
-
Please scroll down for an update on this post. My posts on Freelance Work Exchange ( now GoFreelance.com ) have always attracted a lot of h...
-
When I was writing an article today, I used the word "agreeance," and Word automatically flagged it. I was flabbergasted. Althou...
-
Several months ago, Rob Palmer emailed me regarding my blog posts regarding GoFreelance.com, formerly known as Freelance Work Exchange or Fr...
-
Not long ago, I was browsing on Facebook when I saw an ad for a software that automagically generates blog posts for you. This was news to m...
-
My last post talked a lot about how I'm trying to adapt to a lack of deadlines , now that I'm working on my own projects and not fre...
-
I just ran across something that seems to indicate an even greater likelihood of Laray Carr (LCP) being a scam. Apparently, Quincy Carr is ...
-
Occasionally I run across job ads where the client wants writers to simply reword existing articles. The idea is that they want to "bor...
2 comments:
Just my opinion, but there is no reason why a smart freelancer wouldn't have the money to pay quarterly taxes. I always put aside 1/3 of each pay check into a special account. But I admit, my accountant says what I do is unusual.
Sue,
I admit I'm not the best at budgeting for quarterly taxes or other big expenses. However, I don't think it's an issue of smart freelancing, but rather good money management skills.
I think I'm pretty average -- I'm not very good at planning ahead, but I'm not so bad that I can't make my payments on time, either.
I haven't compared my methods (or lack thereof) of preparing for quarterly tax payments with that of other freelancers, but I rather suspect your accountant is correct. When you need that paycheck (as many of us do), it's difficult to not use the entire amount!
Post a Comment