On Jan 15, 6:46*pm, bavanderveen <bavanderv...[at]usa.net> wrote:
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Is "this year" 2008? That's the date on your inquiry.

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What is the date of that "one check" by month and year?

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"estimated taxes for what year?

*Since my income is significantly higher than for
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higher in what year?

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the safe harbors are either 100% or 110% of last year's tax depending
on last year's AGI, or 90% or the current year's tax

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April 15th of what year?

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thoughts about what?

ed
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On Jan 15, 7:46 pm, bavanderveen <bavanderv...[at]usa.net> wrote:
- quote -


The general rule is 100/110% of last year's income
or
90% of current year's income

You can annualize the current year's income quarterly based on when it
is earned
This requires doing quarterly projections



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





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On Jan 15, 4:46�pm, bavanderveen <bavanderv...[at]usa.net> wrote:
- quote -

You have misstated the "safe harbor" amount. Actually, it is either
100% of last years tax liability (110% if AGI was over $150,000) OR
90% of the current years tax liability. Withholding is best, or
estimated payments made in 4 equal amounts could also work.

Then, of course, I would pay the difference on
- quote -

For safe harbor calculations, the $150,000 AGI applies to your 2006
income, not 2007.

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Question: If I earned the majority of my income this year through one
check (1099) what would be the most efficient way to pay/calculate my
estimated taxes? Since my income is significantly higher than for
2006, I was wondering if the 'safe-harbor' of paying 90% of last years
taxes wouldn't apply. Then, of course, I would pay the difference on
or before April 15th. My gross income for 2007 is below $150,000.
Any thoughts?

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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. > << ------------------------------------------------------- >