Comments on: Ask the taxgirl: Estimated Payments http://www.taxgirl.com/ask-the-taxgirl-estimated-payments/ Paying taxes is painful... but reading about them shouldn't be. Sat, 21 Nov 2009 20:16:58 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Jen Miller http://www.taxgirl.com/ask-the-taxgirl-estimated-payments/comment-page-1/#comment-10977 Jen Miller Tue, 21 Jul 2009 12:42:46 +0000 http://www.taxgirl.com/?p=3649#comment-10977 Ugh, estimated payments. Hate them but gotta make them. I have paid the same in estimated taxes for the last three years, even though my tax burden has dropped (buying a home and being smarter about deductions helped). Still, I haven't changed my estimated payments because it has taken care of any additional tax bill I'd have due in April. Anything I overpaid is rolled over into the next year's payments. Works for me! Ugh, estimated payments. Hate them but gotta make them.

I have paid the same in estimated taxes for the last three years, even though my tax burden has dropped (buying a home and being smarter about deductions helped). Still, I haven’t changed my estimated payments because it has taken care of any additional tax bill I’d have due in April. Anything I overpaid is rolled over into the next year’s payments. Works for me!

]]> By: Kelly http://www.taxgirl.com/ask-the-taxgirl-estimated-payments/comment-page-1/#comment-10976 Kelly Mon, 20 Jul 2009 22:07:18 +0000 http://www.taxgirl.com/?p=3649#comment-10976 Fred - That's a great idea! There are a lot of practitioners who are very picky about the way that folks should do their estimated taxes. I say: whatever works for you! Fred –
That’s a great idea!
There are a lot of practitioners who are very picky about the way that folks should do their estimated taxes. I say: whatever works for you!

]]> By: Fred Weber http://www.taxgirl.com/ask-the-taxgirl-estimated-payments/comment-page-1/#comment-10964 Fred Weber Sun, 19 Jul 2009 04:37:52 +0000 http://www.taxgirl.com/?p=3649#comment-10964 For many years, while I was working, I never used those stupid 'extra exemptions' to have my withholding calculated on my paycheck! I simply used my actual taxes for the previous year, divided by 52, and had that amount (rounded up) withheld from my weekly paycheck. As this was alway 100%+ my previous years actual taxes, no penalty ever applied. Now that I am retired, I use that method to calculate my estimated payments: (last years actual tax / 4 ) for each quarter's estimated 1090e or 540e payment. California got 'sneaky' this year and requires 120% for each of the first 2 quarters and 80% for the last 2 quarters; however, you just have to be careful to know the requirements and have the cash available to pay whatever additional you may need for the final return. For many years, while I was working, I never used those stupid ‘extra exemptions’ to have my withholding calculated on my paycheck! I simply used my actual taxes for the previous year, divided by 52, and had that amount (rounded up) withheld from my weekly paycheck. As this was alway 100%+ my previous years actual taxes, no penalty ever applied. Now that I am retired, I use that method to calculate my estimated payments: (last years actual tax / 4 ) for each quarter’s estimated 1090e or 540e payment. California got ’sneaky’ this year and requires 120% for each of the first 2 quarters and 80% for the last 2 quarters; however, you just have to be careful to know the requirements and have the cash available to pay whatever additional you may need for the final return.

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