You're losing 3-4+ figures because you don't know this simple tax concept
October 17th is the estimated payment deadline.
Business owners get penalized for not paying taxes at least quarterly.
0.5% of the tax liability per month
October 17th is the estimated payment deadline.
Business owners get penalized for not paying taxes at least quarterly.
0.5% of the tax liability per month
Say you make 0 payments, and your year end liability is $10k
That means by April 15th you start racking up 0.5% a month of $5,000 (12 mos)
Then by July 15th you start racking up 0.5% a month on $5,000 (9 mos)
10/15, 0.5% a month on $7,500 (6)
1/15, 0.5% a month on $10,000 (3)
That means by April 15th you start racking up 0.5% a month of $5,000 (12 mos)
Then by July 15th you start racking up 0.5% a month on $5,000 (9 mos)
10/15, 0.5% a month on $7,500 (6)
1/15, 0.5% a month on $10,000 (3)
Total $375 in underpayment penalties
Oh yeah they start charging interest on top of that. Add a blue face or two
Potentially worth paying if you need the cash for high ROI assets/investments
Also an easy way to avoid wasting money
Your decision fam, I'm just here to inform
Oh yeah they start charging interest on top of that. Add a blue face or two
Potentially worth paying if you need the cash for high ROI assets/investments
Also an easy way to avoid wasting money
Your decision fam, I'm just here to inform
If you're a business owner or investor, get informed on a call with me, free 15 min intro.
Always fun sharing a lil game and chopping it up (after October 17th please)
Love, Tax Tone
calendly.com
Always fun sharing a lil game and chopping it up (after October 17th please)
Love, Tax Tone
calendly.com
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