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To: crimson who wrote (17758)	11/27/1998 2:20:00 PM
From: brent gephart	Read Replies (1) \| Respond to of 119973

No, you have to pay expected taxes quarterly. If you start to make a lot more money one year than you did a previous year, you need to tell the Government. They will want to assess you hirer expected taxes. Brent

To: crimson who wrote (17758)	11/27/1998 2:27:00 PM
From: bob	Read Replies (2) \| Respond to of 119973

Not if you have large gains! You can get away with it the first year but after that the IRS will be looking for a quarterly payment from you.

To: crimson who wrote (17758)	11/27/1998 2:27:00 PM
From: chickenman	Respond to of 119973

YES, you can pay taxes once a year... but there is penalty.. quarterly is the correct way... but once a year you can pay it all... and they have some percentage penalty for a late payment... which amounts to something like 5 percent or less... and it's only applied to the missed quarterly payments... time-frame wise... being self-employed... i pay mine once a year... easier... no big deal... they don't hunt for you... chickadee

To: crimson who wrote (17758)	11/27/1998 5:42:00 PM
From: JimBeamII	Respond to of 119973

crimson -- yes, you can pay taxes once a year, just like in your business. Just ignore the quarterly estimated income submissions. However, having paid taxes only once a year several times, it is much better to do the quarterly estimated taxes -- and make them high -- rather than have to write out that BIG BIG CHECK on April 15th! That hurts. Another reason, IMO, to do quarterlies if you're a trader is that you're sure to pay your taxes. In the gawd-awful event we don't all become millionaires and lose money in March or April such as to render us a little short for the annual tithe, it would be a lot better to pay it as-you-go so you would not be so terribly hurt at tax time. Prosperous Trading! jlp