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  #21  
Old 03-26-2004, 06:11 AM
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rodfather rodfather is offline
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Location: Clinton, NJ
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Quote:
Originally posted by specialtylc
I will be sending uncle sam over $17,000 on april 14. I dont send in quarterly, never have. Its not a requirement but I do have to pay about $300 late penalty.
Only $300 in late penalty and no interest on 17 grand? I find that extremely hard to believe...
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  #22  
Old 03-26-2004, 10:55 PM
specialtylc specialtylc is offline
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Believe it. Been filling the same way for 7 years. Its a penalty, no interest. Check with a good accountant.
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  #23  
Old 03-27-2004, 05:24 PM
bruces bruces is offline
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quote:
--------------------------------------------------------------------------------
Originally posted by promower
Why send in quarterlies when that money can sit in the bank and make you interest.
--------------------------------------------------------------------------------


Quote:
Originally posted by rodfather
Answer...so you don't have to pay interest and penalites.
The interest rates are so low now, you can't come out ahead.

Also, you pay tax on the interest earned, the penalty paid is not deductible.

quote:
--------------------------------------------------------------------------------
Originally posted by specialtylc
I will be sending uncle sam over $17,000 on april 14. I dont send in quarterly, never have. Its not a requirement but I do have to pay about $300 late penalty.
--------------------------------------------------------------------------------



Only $300 in late penalty and no interest on 17 grand? I find that extremely hard to believe...


Might be possible if the prior year tax was low, the penalty is based on the lower of this years tax or prior year's tax.

Still, I'd recommend paying the estimates.
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  #24  
Old 03-27-2004, 09:16 PM
specialtylc specialtylc is offline
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Well if you dont figure the quarterly tax right they will still penalize you.Screwed either way.
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  #25  
Old 03-28-2004, 07:58 AM
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rodfather rodfather is offline
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For those of you who do not know, Bruce is a CPA and has offered a wealth of accouting and financial knowledge here on LS for a very long time.
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  #26  
Old 03-28-2004, 08:14 AM
TJLC TJLC is offline
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Location: Port Charlotte, FL
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I never get shocked by the taxes I owe. I'ts part of running a legit business. What does bother me a little is when I hear people bragging about how much they are getting back. I owe about $2200.00 by April 15th on top of the $4000.00 I paid last year.
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  #27  
Old 03-28-2004, 10:27 PM
Albemarle Lawn Albemarle Lawn is offline
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Join Date: Mar 2001
Location: VIRGINIA
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jbob...did you take the fuel tax deduction for off road equipment?

If you put gasoline or on-road diesel into your off-road equipment, that is $.24 per gallon paid in tax that will offset your tax liability.

Your state may also re-imburse you for state motor fuels tax payments.


KB
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  #28  
Old 03-29-2004, 12:40 PM
jbob jbob is offline
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Location: south ms
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i did not keep records the way i should have and my mileage and fuel was part of my problem.
live and learn.

jbob
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  #29  
Old 03-30-2004, 10:20 AM
newleaflandscape newleaflandscape is offline
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Join Date: Oct 2003
Location: Michigan
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I bought a crap load of equipment this year including a new dump truck and I am paying im 4400
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