Home     Law Advice     Insurance Advice     Community    
Tax Law : Federal, State and Local Income Taxes, Sales Taxes, etc. For Estate, Gift and Inheritance Taxes, Please Post Under Will, Trusts & Estate Planning
Go Back   FreeAdvice Legal Forum > TAX LAW > Tax Law
Reload this Page estimated tax due

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 12-28-2005, 05:44 PM
Junior Member
  
Join Date: Dec 2005
Posts: 2

estimated tax due

What is the name of your state?What is the name of your state? VA

My problem is most of my gain came in the past month, and before then, I was not sure I would even have a gain for the year. Now it looks like I will owe a large amt. of tax.

From what I have read, I have until Jan. 15th 2006 to make an estimated tax payment for 2005. Is this right? I guess as long as I do this to get my taxes paid up to within 10% of last years tax bill, I will not owe a penalty?

Any confirmation of this would help ease my concerns. Thanks.
  #2  
Old 12-28-2005, 10:01 PM
Senior Member
  
Join Date: Aug 2002
Location: Washington
Posts: 3,484
To avoid penalty, you have to pay in 90% of this year's tax or 100% of last year's tax, whichever is smaller. If you make enough to trigger the 108% rule, you've got a tax pro anyway.
__________________
This post does not constitute legal advice, nor does it create an attorney-client relationship. Postings are based only on the information provided and you should consult an attorney in your area before relying on information contained in this post.
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

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 Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 02:10 PM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.