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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Craig Bartels who wrote (5313)	11/10/1999 4:47:00 PM
From: Mama Bear	Respond to of 18137

#Subject-17266 Pay attention to Kaye Thomas. I do send in quarterly payments, and there are penalties if you don't pay. It is based on what you paid in last year, not what you owe this year. That is, if you paid 10k last year, but owe 20k this year, you can wait until 4/15 to pay the extra 10k. Always consult with a qualified tax advisor though, which I'm not. Regards, Barb

To: Craig Bartels who wrote (5313)	11/10/1999 5:24:00 PM
From: doniam	Read Replies (2) \| Respond to of 18137

If the witholdings from the day job were more that the tax liability was last year then no frown, otherwise perhaps a frown and penalty, but you are probably making more with the payment money invested in the trading account than the penalty (interest) would be. -Don

To: Craig Bartels who wrote (5313)	11/10/1999 7:49:00 PM
From: Eric P	Respond to of 18137

Craig: Do any of you file returns quarterly? Are you required to? I have never filed quarterly returns, but this next year my tax bill is going to be more than I make at my day time job:(. Will the government frown on not paying taxes quarterly, as I can use all that tax money to make myself more money? To avoid a penalty, your taxes paid in 1999 (i.e. before filing your return) must be either: 1) More than 90% or the taxes owed for 1999, OR 2) More than you paid for the year 1998. If your withholding from a 'day job' will meet or exceed either of the above minimums, then you don't need to file quarterly. Otherwise, you will need to file quarterly to avoid a nasty IRS penalty when filing your returns. One additional note, the IRS frowns upon (i.e. issues penalties for) taxpayers filing quarterly that earned income throughout the year, but paid their taxes disproportionally on the 4Q period. They expect you to paid quarterly based on your income that quarter, and not make a big payment at years end. Personally, I found out about this a little too late. I haven't filed quarterly at all this year, and will need to be creative to avoid a penalty. As it turns out, my accountant told me that payroll tax withholding is treated as if it was withheld evenly throughout the year, regardless of when it was actually paid. Therefore, he suggested that I just withhold my entire paycheck for a month or two until I exceed the minimum withholding required based on last years taxes paid. Therefore, no penalty. Don't be too discouraged about taxes, though. My goal is to end the year with a HUGE tax bill. That will be a sure sign of a successful year! Good luck, -Eric ericpatterson@home.com