Quarterly Payments

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    Quarterly Payments

    What happens if you miss or underpay your quarterly state & Federal payments?  I'm reeling from the checks I just wrote for my 2011 taxes and I know I can't pay the full amount for Q1-2012.  Can I just mail it in later?  (I'm self-employed.)
    I know I'll catch up by teh end of the year.
     
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    Re: Quarterly Payments

    Nick01230,

    If you pay the estimates late you will be chargs an underpayment of estimated taxes penalty, based on the lower of your 2011 taxes or your 2012 taxes.
    This is calculated based on the number of days the payment is late.  If your income is earned unevenly through the year, it may be reduced by using the timing of the actual earnings instead of the aveage for the year. 

    It is calculated on the Form 2210.

    Therefore I suggust you pay what you can on time, and then make up the dfference when you are able to.

    I hope this helps in planning for 2012.

    Barbara Damon
    Edelstein & Co LLP
     

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