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Thread: Tax problems and paying estimated taxes for dancers HELP!!

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    Veteran Member julzgulz's Avatar
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    Default Tax problems and paying estimated taxes for dancers HELP!!

    After 7 years of dancing and making less money this is my worst year with taxes! I had lots of problems working with the accountant I chose. She claimed to know what she was doing yet said I owed the most money I have ever owed. I told her I was going to take it elsewhere, and then she brought it down to 1/2 of what she originally said. I agreed and picked up my return. Attached were different payment vouchers for estimated tax, which I thought was payment vouchers to make installments on my 2009 tax throughout 2010. Now I am reading up on it and finding out that I have to make these payments, plus my 2009 total which I was not expecting at all. With the way things are (economically) I cannot afford to make these estimated payments. The accountant did not explain this to me and now that I am mailing out my forms I am realizing this!!

    Before I call her monday I was wondering if any other dancers are paying or have ever had to pay estimated tax. I find it very odd that after 7 years I have never had to do this until now. And what does this mean for my next years taxes? Will I still have to pay the large amount plus estimated? Could I get a refund?

    I am going to call this accountant tomorrow and let her know I am very upset that she did not inform me any details about this. Just handed me the return when she was done. My worst tax paying experience ever.

    Anything anyone knows about this would be great! Thank you.
    “I am good, but not an angel. I do sin, but I am not the devil. I am just a small girl in a big world trying to find someone to love.”
    ― Marilyn Monroe



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    God/dess Zofia's Avatar
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    Default Re: Tax problems and paying estimated taxes for dancers HELP!!

    Quote Originally Posted by julzgulz View Post
    Before I call her monday I was wondering if any other dancers are paying or have ever had to pay estimated tax.
    Every year but the first year. I should have my first calendar year, I ended up owing money on April 15, plus of course the March estimated payment. :-(

    I find it very odd that after 7 years I have never had to do this until now.
    It does depend on how much you made and if you had another job that withheld taxes.

    And what does this mean for my next years taxes? Will I still have to pay the large amount plus estimated? Could I get a refund?
    Assuming you do not have a job that withholds, and you make enough to owe taxes, then yes, you will have to pay estimates. In theory, if you overpay then you are due a refund. In practice, you apply the refund to the current year taxes.

    HTH
    Z

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    Banned Melonie's Avatar
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    Default Re: Tax problems and paying estimated taxes for dancers HELP!!

    ^^^ there were years where I wound up having to make estimated tax payments to six different US states on top of estimated tax payments to the US federal gov't.

    If you don't have the money in hand to cover your total 2009 tax liability by April 15th, both the IRS and the Cal FTB will allow you to automatically enroll in an extended monthly payments program. But they will both charge a major interest rate for the 'late' tax payments. If you don't have the money to pay for your first quarter 2010 estimated taxes ( covering your income from last January first to April first ) which is also due on April 15th, it's not a huge deal other than the fact that the IRS and CAL FTB can assess a penalty plus charge major interest on the 'late' estimated tax payment.


    As to 'owing more money than you have ever owed' ... we've been discussing issues such as states increasing individual income tax rates in order to help close their budget deficits for months now.

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    Veteran Member julzgulz's Avatar
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    Default Re: Tax problems and paying estimated taxes for dancers HELP!!

    Thank you both for the information! Very helpful!
    “I am good, but not an angel. I do sin, but I am not the devil. I am just a small girl in a big world trying to find someone to love.”
    ― Marilyn Monroe



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