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  1. #1
    ABW Ambassador
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    Anybody have any idea what the penalty is (%) for sending in a quarterly tax payment 2 weeks late? A payment of $600, what would the penalty be? I know i need to get organized

    "The successful man is the average man, focused."

  2. #2
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    Twenty years at hard labor.

    But if you call the IRS and confess your sin maybe nothing.

  3. #3
    ABW Ambassador Packy's Avatar
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    Lol Whiz

    Wow, ABW must be posting slow tonight. We have the same thing on our minds Trust. I just posted a thread that hasn't posted yet kind of on the same thing and just seen your post.

    As for being late with quarterly payments. The way I was told today that there shouldn't be any penalty unless the whole payment isnt paid up by either December 31st or April 15. I can't quite remeber but you shouldn't have any problems. I could be wrong though

    I'm pretty sure my tax man told me today to just send them last years taxes by the end of the year.

    Merchant Coincidences, One of the Wonders of the World

    Coincidence Me baby!

  4. #4
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    At most, it will be 10% of taxes owed. But, that penalty only applies in certain situations. Other than the hard labor part, I wouldn't lose sleep over it.



    Jim

  5. #5
    ABW Ambassador
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    "Twenty years at hard labor."

    Oh no they're going to make me get a job

    "The successful man is the average man, focused."

  6. #6
    Affiliate Manager
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    I used to own my own business for 4 years. Not once did I ever pay a quarterly tax and never had any problems. I am sure (but don't just take my word for it of course as I am not a tax lawyer or anything) that the quarterly thing is optional, gives you the opportunity to pay a little bit throughout the year so when the final tax bill comes in you can apply what you paid for your quarterly payments to it and not be burdened with a high tax bill.

    That is what I would think. I never paid quarterly taxes and never had any problems. I am very sure Uncle Sam would let you know if you owed him money


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  7. #7
    Member
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    If you don't pay quarterly estimated taxes (assuming your tax bill will total $1000 or more) then you are subject to the IRS charging you interest. It's basically a penalty for not paying them quarterly.

    Chet, I'm surprised that you never received a bill from the IRS demanding you pay interest for not paying quarterly. I usually receive one every year around July or so.

    As for being 2 weeks late with an estimated payment it might not even register on the radar. The interest penalty would be minimal. Just make sure you don't miss the April 15th filing deadline or then you have interest plus additional costlier penalties (plus interest on the penalty, I believe).

    [This message was edited by etlt on September 27, 2003 at 09:02 AM.]

  8. #8
    Member blizz93cw's Avatar
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    I 'HAVE' been charged interest on both the Federal and State level for late payments. The size of the tax rates are bad enough and then you get socked with interest for slightly late payments too!

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