Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Estimated tax question

Estimated tax question

Old May 29th 2018, 3:00 pm
  #1  
BE Enthusiast
Thread Starter
 
Joined: Aug 2015
Posts: 398
BigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond repute
Default Estimated tax question

I have a question regarding estimated taxes. So my company is currently in the process of making me an employee, but up until now I’ve been a contractor. My taxes for 2017 are all squared away and paid for, and I made the first estimated payment to the IRS towards the start of the year for 2018’s taxes. Now that I’m going to be an employee I was wondering if I could just skip the next estimated payment and pay whatever else I owe when I file my tax return at the end of the year?

Basically what I’m asking is, is there any law that says you have to make estimated quarterly payments - or can you just pay whatever you owe when you file your annual return? I don’t want to miss an estimated payment then it screw up something pertaining to immigration somewhere down the road.
BigBoss1984 is offline  
Old May 29th 2018, 5:19 pm
  #2  
Deep in the woods of CT
 
Nutmegger's Avatar
 
Joined: Feb 2010
Posts: 6,999
Nutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond repute
Default Re: Estimated tax question

Originally Posted by BigBoss1984
I have a question regarding estimated taxes. So my company is currently in the process of making me an employee, but up until now I’ve been a contractor. My taxes for 2017 are all squared away and paid for, and I made the first estimated payment to the IRS towards the start of the year for 2018’s taxes. Now that I’m going to be an employee I was wondering if I could just skip the next estimated payment and pay whatever else I owe when I file my tax return at the end of the year?

Basically what I’m asking is, is there any law that says you have to make estimated quarterly payments - or can you just pay whatever you owe when you file your annual return? I don’t want to miss an estimated payment then it screw up something pertaining to immigration somewhere down the road.
If you are becoming an employee and thus will be having taxes deducted from your paycheck at source each month, there is no further need to pay estimateds. If you think you underpaid your estimateds, you can always adjust the withholding from your paycheck -- or just straighten it all out on April 15.
Nutmegger is offline  
Old May 29th 2018, 5:22 pm
  #3  
BE Forum Addict
 
Joined: Feb 2010
Location: Temecula, CA
Posts: 4,759
GeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond repute
Default Re: Estimated tax question

I and others I know pay yearly, not quarterly. There is a small interest fee but with my erratic cashflow it works for me.

Beware State taxes though - the interest rate there could be a lot more than the federal one.

As long as your taxes are paid/filed up to date when you go for citizenship or whatever then you should be fine.
GeoffM is offline  
Old May 29th 2018, 5:26 pm
  #4  
BE Enthusiast
Thread Starter
 
Joined: Aug 2015
Posts: 398
BigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond reputeBigBoss1984 has a reputation beyond repute
Default Re: Estimated tax question

Thanks guys - seems the best thing for me will be to just straighten it all out once I file my end of year return for the 2018 year.

Also, thanks for the heads up regarding State taxes - I’m in PA, so will give the relevant department a call and see what they say!
BigBoss1984 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.