You need to pay estimated taxes to the extent that you will owe taxes at the end of the year in order to avoid an under payment penalty. The previous year serves only as a guide. If your income changes so will your estimated tax requirement. David Love, www.davidlovepianos.com -----Original Message----- From: Duaine Hechler <dahechler at att.net> Date: Sun, 30 May 2010 21:21:54 To: <pianotech at ptg.org> Subject: Re: [pianotech] Tax Question maybe OT Matthew, I have a full time spouse, so do I need to pay estimated quarterly tax ? (Haven't yet - but, actually, making money this year) Matthew Todd wrote: > One bit of info I got from the IRS website that I thought was interesting is this: > > If you didn't owe any taxes at the end of the year, but instead were given a refund, then you do not have to make estimated quarterly tax payments the next year. If you did owe, then yes, you should make the quarterly payments, so you don't trigger an audit. > > Matthew -- Duaine Hechler Piano, Player Piano, Pump Organ Tuning, Servicing & Rebuilding Reed Organ Society Member Florissant, MO 63034 (314) 838-5587 dahechler at att.net www.hechlerpianoandorgan.com -- Home & Business user of Linux - 10 years
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