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UKGirl123

I am freaking out about estimated taxes

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Filed: Timeline

I run a business and pay estimated taxes. Today is the deadline, my accountant has closed for the day and they have not sent me my estimated tax coupons. I think I can get them from her tomorrow but by then both state and federal we be a day late. I am fine with paying penalties what I am worried about is how 1 day late on my taxes will look when I naturalize as it doesn't show good moral standing. Please someone tell me that 1 day late isn't going to cause issues? If it is, tell me what I can expect. I am freaking out.

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Filed: Citizen (apr) Country: Thailand
Timeline

Why are you still using payment slips. They have an app that is pretty good,  and I pay all my estimated taxes online for the IRS. You should register for the online account and pay online.  It's free and instant so you could actually do it on the day they are due if needed. I usually do it a week early to be safe you could also go here to pay online today..

https://www.irs.gov/payments

 

And then set up your account  here...

 

https://www.irs.gov/payments/eftps-the-electronic-federal-tax-payment-system

 

I wouldn't worry about being a few days late effecting immigration process. Also since you are paying  estimated taxes,  you technically aren't really late until the next tax return is due. I know lots off people that wait and make  1 lump sum payment when they file their taxes. When technically  they  are required to make quarterly payments due to the amount they make, but I have never seen or heard about the IRS enforcing the quarterly payment rule myself.

Edited by Loren Y

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Filed: Citizen (apr) Country: England
Timeline
17 hours ago, Loren Y said:

but I have never seen or heard about the IRS enforcing the quarterly payment rule myself.

If you underpay during the year and owe a huge sum at tax filing time, you can owe an underpayment penalty. My wife owed over $6k (above what had already been paid in ) one year and the penalty was applied. A day past is not going to be a problem for the OP and your online payment information was great info for the OP. 👍


@UKGirl123

Straight from irs.gov concerning underpayment penalty:
Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller. 

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