Thumb of Michigan | blden - 3/17/2024 19:03
So I farmed for 20 years. Tiiled full time 5 years. Use to work a full time job before full time tiling. Never had a year of showing a loss farming. Only paid quarterly once 10 years ago and did not like it. Always paid a small penalty for not paying quarterly but this year was quite a bit more. The way I understand it is since I'm self employed tiling is what is causing more of the penalty. Just kind of curious if that is the right way I am understanding it. I am thinking of paying a half of what my estimated 2024 taxes will be but that's a crap guess
Ask your CPA to give you estimated payment vouchers.
If your income is low enough, the rule for no penalty was 100% of previous year's tax bill OR 90%+ of current tax bill. What my CPA calls 'penalty proof' on making estimated payments. I think even H&R Block's software might even figure out your number. |
Paying taxes quarterly
