Wednesday, September 10, 2008

2008 third quarter estimated taxes due

This is just a friendly reminder that 2008 third quarter estimated taxes are due on Monday, September 15, 2008.

Remember, if you are going to owe more than $1,000 in taxes at the end of the year, you are required to make quarterly estimated tax payments. As long as you make your estimated tax payments on time and pay the same amount you paid last year, you won't be penalized come tax time if your estimate was off. However, if you don't make payments and you owe more than $1,000 at the end of the year, you will also have to pay penalties on what you owe.

I don't know about you, but it always seems to me like the months when estimated taxes are due are always the tightest — even before you figure in the tax bill. For instance, this month I had the unexpected expense of moving my horse to a new home on short notice.

Do you also find that the IRS has the worst possible timing?

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