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#4
06-26-2008, 09:03 PM
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 Re: question about line 75 - Amount of line 73 you want applied to your 2008 estimated tax <removeps-groups[at]yahoo.com> wrote in message news:6a111f61-79b4-4fbb-a2e4-d66f8597867e[at]i36g2000prf.googlegroups.com... - quote - > On Jun 24, 12:10 pm, Harlan Lunsford <hnslunsf...[at]bellsouth.net> wrote:
Most people aren't smart enough to figure that out - or just don't care.> > removeps-gro...[at]yahoo.com wrote: > > For those who pay estimated taxes, this is a really good way to make the > > first installment. > > In fact I've a couple of clients who say each year "let it (overpayment) > > ride!". One of these let her last year's overpayment suffice for all > > four installments for 2008! Talk about convenience! > But you lose lots of interest this way. Better to keep the money in a > savings account, CD's, treasurys. With EFTPS, making estimated > payments should be pretty easy. Ideally, people making estimated > payments should make 5 of them for a tax year -- the usual 4 to pay > 90% of the tax due, and a last one on April/15 to pay the remaining > 10%. -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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#3
06-24-2008, 09:21 PM
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| Re: question about line 75 - Amount of line 73 you want applied toyour 2008 estimated tax removeps-groups[at]yahoo.com wrote: - quote - > On Jun 24, 12:10 pm, Harlan Lunsford <hnslunsf...[at]bellsouth.net> wrote:
everybody in this world is not driven by money. And given the low> > removeps-gro...[at]yahoo.com wrote: > > For those who pay estimated taxes, this is a really good way to make the > > first installment. > > In fact I've a couple of clients who say each year "let it (overpayment) > > ride!". One of these let her last year's overpayment suffice for all > > four installments for 2008! Talk about convenience! > But you lose lots of interest this way. Better to keep the money in a > savings account, CD's, treasurys. With EFTPS, making estimated > payments should be pretty easy. Ideally, people making estimated > payments should make 5 of them for a tax year -- the usual 4 to pay > 90% of the tax due, and a last one on April/15 to pay the remaining > 10%. That is exactly the way I think and act of course. But remember, interest rates in money market funds today, it's not worth the hassle to many people who cultivate peace of mind. And we all have clients who are just plain forgetful. ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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#2
06-24-2008, 08:02 PM
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| Re: question about line 75 - Amount of line 73 you want applied toyour 2008 estimated tax On Jun 24, 12:10*pm, Harlan Lunsford <hnslunsf...[at]bellsouth.netwrote: - quote - > removeps-gro...[at]yahoo.com wrote:
But you lose lots of interest this way. Better to keep the money in a> For those who pay estimated taxes, this is a really good way to make the > first installment. > In fact I've a couple of clients who say each year "let it (overpayment) > ride!". *One of these let her last year's overpayment suffice for all > four installments for 2008! *Talk about convenience! savings account, CD's, treasurys. With EFTPS, making estimated payments should be pretty easy. Ideally, people making estimated payments should make 5 of them for a tax year -- the usual 4 to pay 90% of the tax due, and a last one on April/15 to pay the remaining 10%. -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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#1
06-24-2008, 07:10 PM
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| Re: question about line 75 - Amount of line 73 you want applied toyour 2008 estimated tax removeps-groups[at]yahoo.com wrote: - quote - > I have a question about question about line 75 - Amount of line 73 you
first installment.> want applied to your 2008 estimated tax. Does the IRS or any state > pay you interest on this amount? If not, why would anyone want to use > line 75? For those who pay estimated taxes, this is a really good way to make the In fact I've a couple of clients who say each year "let it (overpayment) ride!". One of these let her last year's overpayment suffice for all four installments for 2008! Talk about convenience! ChEAr$, Harlan Lunsford, EA n LA (computer fixed) -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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06-23-2008, 10:53 PM
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| Re: question about line 75 - Amount of line 73 you want applied to your2008 estimated tax In article <3c361fad-9546-4291-bce3-d982c90f83e1[at]s33g2000pri.googlegroups.com> , removeps-groups[at]yahoo.com <removeps-groups[at]yahoo.com> wrote: - quote - > I have a question about question about line 75 - Amount of line 73 you
No interest.> want applied to your 2008 estimated tax. Does the IRS or any state > pay you interest on this amount? If not, why would anyone want to use > line 75? But for those who know they will be paying estimated taxes, it is often very convenient to pay some or all of their April 14 estimated tax from their refund. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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#-1
06-23-2008, 10:31 PM
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| question about line 75 - Amount of line 73 you want applied to your2008 estimated tax I have a question about question about line 75 - Amount of line 73 you want applied to your 2008 estimated tax. Does the IRS or any state pay you interest on this amount? If not, why would anyone want to use line 75? -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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| amount, applied, estimated, line, question, tax, your2008 |
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