> I know that in order not to get an IRS penalty you gotta send in in >estimnated payments at least 90% of the previous year's business >worth of tax.. > > My questrion is:Does anyone know if the quarterly payments must be in >equal amounts? In other words, if my estimated yearly tax comes out I usually >owe $400, (that would be $100 per quarter), can I send them only $10 for the >first three quarters estmiamted payments, and then send the remaining $370 in >the last quarter of the year? Is that legal or allowed? My business is poorer >in the summer, its such a burden! The way I understand it is that you take last years tax and divide by four. Something should be paid each quarter and 75% of that must be remitted before the last quarter unless you earned less the current year (in which case you still need to have 75% in before the last quarter). If you make more than the previous year you are only liable for the estimated payments derived from the previous year but I'm not sure which the 75% pertains to. If some quarters are not as profitable as others you can pay the tax liability on the amount earned. Check out the IRS website. -- Regards, Jon Page -------------- next part -------------- An HTML attachment was scrubbed... URL: https://www.moypiano.com/ptg/pianotech.php/attachments/20070604/b94b160e/attachment.html
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