My son's a CPA and he does my taxes. For two years, (07 and 08) I didn't make enough self employed money to even pay taxes, so I didn't have to pay estimates in '08 and '09. I made a little money last year, and paid less than $1000 in taxes, (including SS), but not enough to pay estimates this year. (I don't know what the cut off amount is.) Paying estimated taxes is a way for the government to get taxes out of you throughout the year, and also not make your taxes bill too high come April 15. From what I have been told, you only owe in estimated taxes what you actually paid the previous year. Wim Last year still does not help because last year was a pretty good efund. This year, so far, in the black - and - have no clue about the stimated tax. -----Original Message----- From: Duaine Hechler <dahechler at att.net> To: pianotech <pianotech at ptg.org> Sent: Sun, May 30, 2010 5:00 pm Subject: Re: [pianotech] Tax Question maybe OT Last year still does not help because last year was a pretty good efund. This year, so far, in the black - and - have no clue about the stimated tax. David Love wrote: You need to pay estimated taxes to the extent that you will owe taxes at the nd of the year in order to avoid an under payment penalty. The previous year erves only as a guide. If your income changes so will your estimated tax equirement. 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 his: > > If you didn't owe any taxes at the end of the year, but instead were given a efund, then you do not have to make estimated quarterly tax payments the next ear. If you did owe, then yes, you should make the quarterly payments, so you on't trigger an audit. > > Matthew > - uaine Hechler iano, Player Piano, Pump Organ uning, Servicing & Rebuilding eed Organ Society Member lorissant, MO 63034 314) 838-5587 ahechler at att.net ww.hechlerpianoandorgan.com - ome & Business user of Linux - 10 years -------------- next part -------------- An HTML attachment was scrubbed... URL: <http://ptg.org/pipermail/pianotech.php/attachments/20100531/835ebe25/attachment.htm>
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