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View Full Version : Do You Pay Quarterly?



LindaKay
01-23-2014, 12:48 AM
Because of the way that I file my taxes, I am really supposed to file quarterly. I don't, even though I should. The penalty for not doing so isn't very steep, and it's easier for me to just take care of things at the end of the year...well, technically the beginning of the year...than to have to deal with it several times throughout the annual period.

I guess I should start doing it soon, though. My income is going to be increasing this year, so my tax responsibility is going to be higher. I think it will help cut down on the impact if I spread my payments out throughout the year.

Do any of you pay your taxes quarterly?

pandandesign
01-27-2014, 12:59 PM
Unless you're an independent worker, which most independent contractor pays their tax quarterly. I have mine deduct off my paychecks, and I turn in the W-9 form to my accountant at the end of March, which is the tax year of the previous year. I do want to pay my tax as soon as I could to avoid penalties and in case I forget about it. It think it should be ok if you file your tax quarterly, which a lot of people do that.

LindaKay
01-27-2014, 02:58 PM
I am an independent contractor. I do most of my work through one company but do receive compensation through several different services and individuals for my writing. I am thinking about filing quarterly so that I don't get as huge of a tax bill at the end of the year, but I just haven't done it yet. I shudder to think about how much I am going to have to pay after filing my taxes this year.

cpefley
02-03-2014, 11:48 AM
I don't pay my taxes quarterly, but I remember my grandmother did it religiously. She, of course, made a heck of a lot more than I do though! If I made more money, I think that I would pay quarterly to avoid the penalties. If it doesn't bother you though, who cares, right? I don't think that anyone should have to pay quarterly, unless they make a huge amount (hundred of thousands of dollars or more) because as long as people are paying their taxes, why does the IRS care if it is quarterly or on April 15th?

midynamics
02-03-2014, 06:59 PM
Two Words: 1. Quarterly 2. Consistently

canon_fan
02-03-2014, 10:56 PM
I didn't pay quarterly until a friend of mine suggested I do that. Best advice I think I heard when it comes to starting a business. I don't have to worry about scrambling to come up with the money once a year when there's smaller payments instead.

pandandesign
02-09-2014, 04:18 PM
I don't pay my taxes quarterly, but I remember my grandmother did it religiously. She, of course, made a heck of a lot more than I do though! If I made more money, I think that I would pay quarterly to avoid the penalties. If it doesn't bother you though, who cares, right? I don't think that anyone should have to pay quarterly, unless they make a huge amount (hundred of thousands of dollars or more) because as long as people are paying their taxes, why does the IRS care if it is quarterly or on April 15th?

That is what I normally do for my dad's business. We would just file the tax around the end of February to make sure we get all the tax filled and filed before April, 15. I would say if I file the tax quarterly, I would have to pay the accountant more because he does our tax quarterly instead of annually.

TaraC
02-09-2014, 10:43 PM
Yes, I do. When I worked as an insurance agent, I had to file quarterly. Now, I'm in the habit of filing quarterly. It helps me to stay on top of my taxes. It's also a lot less painful paying in quarterly installments.

mansbestfriend
02-18-2014, 07:04 AM
You should pay the tax as soon as you can to avoid any problems in the future. It might not become a big deal, or it might be. Its' better to be on the safe side.

Anyways, it's a good habit. The paper work do not disappear just because you ignore it.

fredkawig
02-18-2014, 09:01 AM
We have a lot of indirect taxes in our country and also a lot of taxes which are immediately collected from employees so they don't have to file taxes quarterly. For us having a business stall, we pay two kinds of taxes, one for monthly and the other yearly. I really do not see the point why there are many fees when in fact our government is so corrupt and officials are misusing our funds for their personal gain.

LindaKay
02-20-2014, 12:58 AM
Thanks for the feedback, guys. I am thinking about starting paying quarterly. I think it will work out better for me in the long run, and I won't have to panic and freak out at the end of the year when I get a huge tax bill. :(

taxcpa
08-05-2014, 06:00 PM
Our tax system is a pay as you go system. You are supposed to pay throughout the year. If you don't pay enough during the year and leave too much to pay when you actually file your tax return, the IRS can impose a penalty. If you don't have taxes withheld from a job, you can make quarterly payments. The payments are not a tax return, just a payment. You can just estimate what you owe and send it a payment. Any amount you pay is better than nothing if you have income and will reduce you penalty.

ibrahimdpi
08-05-2014, 07:00 PM
I don't pay my taxes quarterly, I think that I would pay quarterly to avoid the penalties.

Jschultz
09-23-2014, 12:58 PM
I always try to tell people to pay their taxes quarterly. It is much easier for people to budget by doing this. People tend to think their income will go up every year. For example year one you make a lot of money and spend it all. In year two you have a bad year. and now you have to use the money from the year two bad year to pay your taxes. You are going to have a huge cash flow problem.

Jschultz
09-23-2014, 12:59 PM
They care.

susankelly
12-15-2014, 09:28 AM
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lawyerandover
12-15-2014, 09:31 AM
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Allan Madan
03-14-2015, 10:56 AM
Corporation can elect to report their GST/HST taxes quarterly or annually.
Sincerely,
Madan Chartered Accountant

JoshuaJ
07-27-2015, 04:52 PM
Depends on how much you make.

Quarterly for sure 99% of the time.