More on my Tax Bill

[Evil_T0NY {CLR}]

You guys were right, I do have to pay a penalty for not paying quarterly last year.

A big whoppin 40 bucks. LOL!

Anyhow, with that said, would it be allowable to just not file quarterly and pay the whoppin 40 dollar penalty come tax time 2010?

[Trooper110]

If you're not worried about it I don't see why not. You may want to look in to if penalties increase, change, etc though. Just because it was $40 this year doesn't mean it will be $40 next year. And if you can file quarterly and avoid it, why bother giving the government extra money?

[Evil_T0NY {CLR}]

If you're not worried about it I don't see why not. You may want to look in to if penalties increase, change, etc though. Just because it was $40 this year doesn't mean it will be $40 next year. And if you can file quarterly and avoid it, why bother giving the government extra money?

Yeah, I talked to an IRS Agent on the phone the other day, she said considering the 2 million filing, the comptuer system will see my income as pretty much insignificant

[Apache Warrior]

Don't forget the Interest.
Apache

[Evil_T0NY {CLR}]

Don't forget the Interest.
Apache

Right, 40 dollars in interest/penalties. lol

[Hammy]

You guys were right, I do have to pay a penalty for not paying quarterly last year.

A big whoppin 40 bucks. LOL!

Anyhow, with that said, would it be allowable to just not file quarterly and pay the whoppin 40 dollar penalty come tax time 2010?

And then, when you need a business loan, something like this will either add pts to the rate or kill the opportunity to fund altogeather.

[Evil_T0NY {CLR}]

And then, when you need a business loan, something like this will either add pts to the rate or kill the opportunity to fund altogeather.

Right, as if I'll even NEED a business loan with what I'm doing...what I'm doing is more of a part-time Side job....but on "paper" it's considered Independent Contractor.

Not sure what you mean, what rate are you referring to? Credit Rating?

[Evil_T0NY {CLR}]

If I do HAVE to pay quarterly, I won't be able to afford it, let me put it that way,

I didn't make enough to really justify paying quarterly , but I BARELY passed the mark to qualify me. So I dunno man.

The quarterly rate is pretty steep, and face it, i can't afford it.

[Hammy]

Im saying that your last 10 years of business credit are affected by IRS penalization because they are public record.

And while you may not foresee an option to build a large business, that is a common mistake for many when they start a small idea.

There are examples year after year where someone has to give away more than a fair share of the spoils of their business because of poor business decisions that occured when they started a previous business.

I cant think of any off the top of my head for you right now, I just know that it's no different than any other reference. Clean slates make it easy- filling out 10 additional forms to either get turned down or give away 2% on the loan is just something that can be avoided by staying on top of things.

[Evil_T0NY {CLR}]

Im saying that your last 10 years of business credit are affected by IRS penalization because they are public record.

And while you may not foresee an option to build a large business, that is a common mistake for many when they start a small idea.

There are examples year after year where someone has to give away more than a fair share of the spoils of their business because of poor business decisions that occured when they started a previous business.

I cant think of any off the top of my head for you right now, I just know that it's no different than any other reference. Clean slates make it easy- filling out 10 additional forms to either get turned down or give away 2% on the loan is just something that can be avoided by staying on top of things.

I am on hold with an IRS agent now....I spoke with one, he said it SHOULDN'T be a problem but he forwarded me to "Tax Law".

Apparently, as long as I pay my measley 40 dollar tax penalty, there might be no "Ding" in my credit rating....why? Because I PAID it come April 15th.

So I'm finding out my answer soon.

Let me put it this way my "business" is technically a "business" only on p aper, but I DO work for an employer in a sense. It's complicated.

It's not like I got a business license from the local courthouse and opened up a store. It's a typical work at home job where I take calls for informercials,

[JohnyRico]

Not to here but are you saying that you don't have the cash flow to pay taxes quarterly but you do have the money to pay taxes annually AND penalties?

[Evil_T0NY {CLR}]

Not to here but are you saying that you don't have the cash flow to pay taxes quarterly but you do have the money to pay taxes annually AND penalties?

At THIS particular point in my life....no....because I have other financial woes on top of that....things like certain bills I'm trying to pay off.