Estimated tax question
#1
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Joined: Aug 2015
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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.
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.
#2
Re: 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.
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.
#3
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Joined: Feb 2010
Location: Temecula, CA
Posts: 4,759
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.
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.
#4
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Joined: Aug 2015
Posts: 398
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!
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!