- quote -

The penalty for missing earlier quarters is prorated by the day.
You can calculate all penalies yourself via the 2210 penalty form.
That will tell you if you really to file by jan 15 and how much.

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<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

"Dan" <blah[at]blah.com> wrote in message
news:7ihao35aou016a3dp2p0lhfk7g33v5umbj[at]4ax.com...
- quote -

There may be easier ways to do it, but I believe you could file Form 2210
and possibly 2210AI, checking off box D and possibly box C on 2210 Part II.
In plain English what that says is that you tell the IRS to treat the
withholding taxes as paid when the money was actually withheld (and not
evenly during the year) - that's box D. Box C says that your income during
the year was uneven, so the amount you paid in during the year is allowed to
be uneven as well. (This box triggers form 2210AI.)

The instructions for Form 2210 read: "For withheld federal income tax ...
you are considered to have paid one-fourth of these amounts on each payment
due date unless you can show otherwise. [If so] _you must check box D in
Part II and complete ... Form 2210_" So you'll have to be able to
substantiate the actual dates you had taxes withheld from your W2 employer.

http://www.irs.gov/pub/irs-pdf/i2210.pdf Form 2210 instructions (6 pages)

Mark Freeland
BnetOnewsX[at]sbcglobal.net

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<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

On Jan 9, 8:38�pm, an_ordinary_guy_...[at]hotmail.com (Bill) wrote:
- quote -

Actually, you don't FILE the 1040ES form with anybody. It is used by
the taxpayer to determine whether or not you need to pay estimated
tax, but retained in your files. Only the payment coupons, as
appropriate, are sent to the IRS with your check.


- quote -

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<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

Bill wrote:
- quote -

Wait, "belated"? I thought you have until January 15 2008 to pay 4Q07
estimated taxes.

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

blah[at]blah.com (Dan) posted:

- quote -

You could attempt to do this yourself, filing a belated 1040-ES and
enclosing the 4th coupon only, but I woud like to seriously encourage
you to seek professional assistance -- especially in this first year of
your growing and apparently succssful business.

It's not only a matter of properly communicating with the IRS -- to
avoid a minor penalty; it's really getting your business set up properly
for the years ahead. An experienced small business accountant/tax
preparer can be an invaluable asset for that purpose.

Please spend what it takes to get some good basic advice and assistance.
At the very least, you'll have your books organized properly for the
fist year, and avoid any serious IRS problems. If you determine that
the format is basically manageable and decide to proceed on your own in
the future, at least you'll have had the guidance to set it up correctly
-- and you can crib the proper procedures for your own benefit.

Please hie thee to an accountant, immediately.

Bill

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

blah[at]blah.com (Dan) posted:

- quote -


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<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

Hi, I bet this is asked a lot, I hope its an easy answer.

I finished a W2 job halfway through 2007 and went fully self-employed
as a service business. I've had a lot of deductions so I wasn't
worried at first about paying estimated tax.

However, business has gotten much better these past few months, and I
don't wan't to have too much of a tax liability come april 15th. I
want to pay a quarterly estimated tax payment in january for the 4th
quarter of 2007, but I read in the publications that I might be
charged a penalty for not paying the other 3 estimated tax payments
during the year. Of course, I had a W2 job so I have some
withholdings and (at the time) I had no reason to pay estimated tax.

I want to "play the game right" and not have a penalty when in fact I
don't deserve one. I didn't have any liability in 2006, although I
did only get a $40 refund because I did a lot of side-work (i.e. I was
both W2 and 1099 for the entire year in 2006).

How do I pay my liability for late-2007 without incurring a penalty or
setting up any red flags with the IRS?

Thanks,
Dan

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >