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Thread: Missed 3 quarterly tax deadlines

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    Default Missed 3 quarterly tax deadlines

    How do I go about figuring out my penalty for the 2014 year if I will have missed the first three quarterly tax deadlines? I'm going to do my final one due on January 15. I didn't realize I had to do quarterly taxes (I just filed my taxes normally last year.) please help!!

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    Default Re: Missed 3 quarterly tax deadlines

    I think you can still file your taxes like "normal" for 2014, but you will probably be required to pay a penalty for underpaying your estimated quarterly taxes for those first 3 deadlines you missed (see http://tax.yale.edu/federal-quarterl...d-tax-payments). Your Jan 1st 2015 thru Mar 31st 2015 estimated quarterly taxes will also be due by April 15th just like your 2014 taxes.

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    Default Re: Missed 3 quarterly tax deadlines

    Do you know if all four quarters have to be equal amounts? What if I made the most in the last quarter, for example?

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    Default Re: Missed 3 quarterly tax deadlines

    Also, does anyone know if I need an EIN? I have a state taxpayer ID already


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    Default Re: Missed 3 quarterly tax deadlines

    Yes, you need an EIN.

    You can file your fourth quarter estimate and pay for the three previous quarters. If 2014 was the first you you are required to file estimates, you will not be penalized if you pay up by April 15, 2015.

    Do not figure a penalty yet. Pay your estimate and then prepare and file your 2014 return. See if you owe more taxes or not. Then you can figure your penalty, if any is due.

    HTH
    Z

    As always this is not tax advice, but information only. You may not rely on this posting to avoid a penalty from the IRS, this is not a written opinion.

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    Default Re: Missed 3 quarterly tax deadlines

    So if I started working in Jan 2014 and was unemployed in 2013, I don't have to pay taxes in 2013? Just have to file for 2014? I've not yet payed taxes as a dancer, but I plan to this year.

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    Default Re: Missed 3 quarterly tax deadlines

    https://www.stripperweb.com/forum/sh...still-worth-it

    I know it is in the camming section, but much of the info is applicable to all sex workers

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    Default Re: Missed 3 quarterly tax deadlines

    Quote Originally Posted by NightGoddess View Post
    So if I started working in Jan 2014 and was unemployed in 2013, I don't have to pay taxes in 2013? Just have to file for 2014? I've not yet payed taxes as a dancer, but I plan to this year.
    If you received less income in 2013 than what is taxable and you otherwise do not owe any taxes, then you do not need to file for 2013. For 2014, you can use your first year exemption from filing estimates and pay on April 15, 2015 with your full year return. However, you also need to file estimates from now on.

    HTH
    Z

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    Veteran Member Starxx's Avatar
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    Default Re: Missed 3 quarterly tax deadlines

    I wish I could give you specific numbers but I really don't think it is that much. I have been self-employed for a few years now and I've never payed quarterly taxes. I know I am supposed to and I get fined every year but I'd rather have that money in my account for the year than pay quarterly. I feel like the fine it is around $100, $200 max. But I'd have to look at my previous taxes for a more accurate number.

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