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The Water Cooler
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IRS penalty for shortfall of withholding
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<blockquote data-quote="Fr Mulcahy" data-source="post: 4190142" data-attributes="member: 42567"><p>It is a thing for small businesses. I pay my estimated federal and state taxes on a quarterly basis. If I miss a target date then I pay a small penalty based upon the amount and how late I am.</p><p></p><p>My customers send me 1099 forms at the end of each year based upon how much they've paid me for that year.</p><p></p><p>Your tax calculation software or your CPA can tell you what you should pay an estimated taxes by quarter for the next year. If you pay less or not on time, then there is a penalty.</p></blockquote><p></p>
[QUOTE="Fr Mulcahy, post: 4190142, member: 42567"] It is a thing for small businesses. I pay my estimated federal and state taxes on a quarterly basis. If I miss a target date then I pay a small penalty based upon the amount and how late I am. My customers send me 1099 forms at the end of each year based upon how much they've paid me for that year. Your tax calculation software or your CPA can tell you what you should pay an estimated taxes by quarter for the next year. If you pay less or not on time, then there is a penalty. [/QUOTE]
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IRS penalty for shortfall of withholding
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