In misc.taxes.moderated, jack wrote:

- quote -

Expect the same or similar rates on late quarterlies. I can't
confirm that for all, but I know that is the for some.

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On Dec 2, 12:19*am, "jack" <j...[at]yahoo.org> wrote:
- quote -

earn the money.

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"JGE" <jge[at]cs.unc.edu> wrote in message
news:ab81ab6b-3aa1-4720-baf0-875cf1879c29[at]j35g2000yqh.googlegroups.com...
- quote -

be in AMT next year but not this year you will want to make darn sure you
get payments in this year. And visa versa.

I learned this the hard way.

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

"DF2" <replyvia[at]newsgroup_please.com> wrote in message
news:a3o8j4lfuhu9m4esjnculqbjfp1qvvm7kc[at]4ax.com...
- quote -

least the way I am reading it. You can't be late until it is due, and it is
not due until April 15th.

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

In misc.taxes.moderated, jack wrote:


- quote -

It's what, 0.5%/ month, 6% per annum? That is a fairly low interest
compared to some interest rates, but it's really low compared to
what some states charge:

http://www.taxbrain.com/taxcenter/extensions/NJ.asp
Interest, computed at the rate of 3 percentage (3%) points above the
prime rate for every month or fraction of a month the tax is unpaid,
compounded annually. At the end of each calendar year, any tax,
penalties and interest remaining due will become part of the balance
on which interest is charged.

http://www.taxbrain.com/taxcenter/extensions/wi.asp
In all cases, interest will be charged at a rate of 1% per month
from the date the tax should have been paid (April 15, 2008) until
the date of payment. In addition, the state may assess the following
penalties:

* Late Payment Penalty. Wisconsin may also assess additional
late payment penalties at a rate of 18% per year on the outstanding
balance if you do not pay the total tax due by August 15, 2008.

http://www.taxbrain.com/taxcenter/extensions/il.asp
* 2 percent of any amount that is paid up to 30 days late;
* 10 percent of any amount that is paid 31 or more days late.

..... and so on.

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

My question is, am I
- quote -

is that you have to pay interest on what you should have paid; and the
interest rate is pretty low now. And it would just be interest from the
date of the last payment.

I used to think there were penalties for failing to pay enough, but its just
the interest.

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

In misc.taxes.moderated, JGE wrote:

- quote -

No problem. There will probably be a lot of people in the same boat
this year.

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

After I finished my 2007 return, it looked like I would likely have an
excessive tax due for 2008, due to some self-employment income.
So I "signed up" to make 4 quarterly estimated-tax payments against
my 2008 taxes, with the last due in January 2009.

However, preliminary calculations show that I'll be in good shape
(unlikely to have an excessive penalty-triggering tax due) even if
I never make that final payment in Jan '09. My question is, am I
in good shape as regards the "estimated tax payments made
on-time" if I simply skip that last payment ? I would assume so,
since my payments appear to be "enough" and they are front-weighted
in the sense that I'm skipping the last payment, not any earlier ones.

Thanks !

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