Addl qtrly tax payment

Martanoh — Wed, 14 Jan 2009 19:51:38 GMT

I pay estimated qtrly taxes, but my 4th qtr came in higher than expected. I don't want a penlaty to I want to pay the estimated addl tax for that amount. what paperwork should I file to pay this addl amount?

RE: Addl qtrly tax payment

Jennifer H Stokes — Thu, 15 Jan 2009 10:27:11 GMT

Because I don't know details of your 2007 income & tax obligation and 2008 income, below is information directly from IRS. Because you are self-employed, like most of our clients, you need to visit our website and download the Tax Deductions CheckList for your occupation or profession. You may be missing deductions that you are legally entitled to. www.TaxDeductionsByOccupation.com

Who Must Pay Estimated Tax

If you had a tax liability for 2007, you may have to pay estimated tax for 2008.

General Rule
You must pay estimated tax for 2008 if both of the following apply.

You expect to owe at least $1000 in tax for 2008 after subtracting your withholding and credits.
You expect your withholding and credits to be less than the smaller of;
- 90% of the tax to be shown on your 2008 tax return, or
- 100% of the tax shown on your 2007 tax return. Your 2007 tax return must cover all 12 months.

Sole proprietors, partners, and S corporation shareholders - You generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return. Use Form 1040-ES, Estimated Tax for Individuals, to figure and pay your estimated tax. For additional information, refer to Publication 505, Tax Withholding and Estimated Tax.