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RE: Quarterly taxes

Comment comment by Brandon on 08 February 2008

*shakes fist at the institution*

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They just won't let you do it. by gnifyus :: NR7

Yeah, the Anonymous poster is right, and not only that..

According to the IRS, if they determine that an employee is not having enough withholding from their paycheck, they will put a stop to it as follows: (from the link)

Q3: If the IRS determines that an employee does not have enough federal income tax withheld, what will an employer be asked to do?

A3: If the IRS determines that an employee does not have enough withholding, we will notify you to increase the amount of withholding tax by issuing a “lock-in” letter that specifies the maximum number of withholding allowances permitted for the employee.

In other words they frown heavily on what you are proposing. This issue comes up with self employed people a lot when they do not have an employer to withhold taxes. If they determine that you will owe too much money at the end of the year they will make you pay these "estimated" taxes. I've seen where they can also fine you and charge you interest for owing too much at the end of the year. It looks like the dogs mouths start watering when you begin to owe around $1000.00.

Posted 08 February 2008, Hide, Parent, Reply