"Seth Breidbart" <sethb[at]panix.com> wrote:

- quote -

January 15 is a Federal holiday (MLK Day), so it applies in
all states.

You're probably thinking of April 16, Patriot's Day in Mass.
That gives states covered by the Andover Service Center
until April 17:
http://www.irs.gov/newsroom/article/...164052,00.html

--
Phil Marti
Clarksburg, MD

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Bill <an_ordinary_guy_158[at]hotmail.com> wrote:
- quote -

This year, January 15 is a holiday, pushing the due date to
January 16 (at least in some states).

Seth

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- quote -

It's January 16 this year because the 15th is Martin Luther
King, Jr. Day, a federal holiday.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Shhhh" <123[at]456.com> wrote:

- quote -

I always understood that the $1000 threshold did not apply
if making estimated payments.

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"Shhhh" <123[at]456.com> wrote:

- quote -

Well....you just can't pay something if you don't have the
funds in your account to cover it.

However, if you pay late, you will incurr a penalty. By
paying as soon as you have the funds, even just days or a
week or so late will mitigate the penalty.

The penalties for underpaying estimated tax are based on the
amount of tax, interest rate & time (how long) the payment
is late. So, if you make payment a week late, you will
incurr a penalty. But it will likely be minimal.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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Shhhh <123[at]456.com> wrote:

- quote -

You're best off paying by the Jan 16 deadline. Failing
that, the sooner you pay in the months ahead, the lower your
penalty may be.

(But there are also many situations in which the penalty
will not apply, such as having a large boost in income from
the previous year.)

If you don't file and pay by April 15 then you risk being
delinquent, which is more serious, as opposed to being just
in a penalty situation.

Good luck,

Steve

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"Shhhh" <123[at]456.com> wrote

- quote -

You can pay it late, or pay the remaining taxes with the
return. They'll be (possibly) penalties for
late/underpayment of estimated tax, but that can be
minimized by making the payment earlier rather than later.
You can also send in what you can now (by the 15th) and pay
the rest later, making any underpayment that much smaller.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

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Shhhh wrote:

- quote -

If you file your tax return by January 31st and pay the
balance due, you can skip the January 16th payment.
Otherwise no.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Shhhh" <123[at]456.com> wrote:

- quote -

No.

- quote -

The penalty is computed from the 1/16 due date to the date
you pay it, so pay them as soon as you can and you'll keep
the amount of penalty as low as possible.

Looking forward, you evidently need to tweak your budget so
you don't find yourself in this situation again.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

123[at]456.com (Shhhh) posted:

- quote -

No, there is no "automatic extension" mechanism. The
payment is due when it is due (and btw, it's January _15_).

The question of whether it's a big problem depends on the
magnitude of the payments and your total tax bill. If, for
example, you're paying $400 quarterly against an anticipated
total bill of $1,600, then it's no big deal ... because your
final amount due and submitted with your actual return, will
be less than $1,000 -- with no penalty.

However, if you're making quarterly payments of $5,000 -
with an anticipated total tax bill of $21,000 +/- ... then
you'd best find some way to make the payment, or face a
penalty. Maybe a short-term loan?

Btw, timely payment requires the coupon and check be mailed
on January 15, but the receipt, opening and "entering" of
those millions of envelopes + checks is a complicated
process, and usually a day or two late will be overlooked --
since a timely mailing might vary in delivery or receipt by
a couple of days. (Not a recommendation: simply an
observation of the process.)

Bill

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Hello all,

is it possible or even allowed to defer or extend the
deadline for an estimated tax payment? I just figured out my
quarterly federal and state estimated payments are do on the
16th of January and I'm afraid I won't have the funds by
then... is this something that is done? and if so how?

Thank you all,
Shhhh

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >