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Old 07-10-2008, 09:32 PM   #1
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Default Quarterly Payments to the IRS

Anyone self-employed here that pays quarterly to the government? Payment is due on 7/15 for me. $7000 to Uncle Sam and $1000 to the State of Taxachusetts. I friggin' hate this! Really puts a damper into summer fun for me.


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Old 07-10-2008, 09:37 PM   #2
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Default Re: Quarterly Payments to the IRS

Did you get a month extension??

Quarterly payments are due on the following for 2008:

April 15, 2008
June 16, 2008
September 15, 2008
January 15, 2009

And yeah, my payments are about $5,000/quarter although I reduced my last payment due to my income dropping this year because of higher food cost, wages, etc.

In fact, I now don't drive my car except to and from work, we don't go out to eat at all, and every purchase my wife and I ask ourselves if it is a need or a want. I'm trying to pay off student loans because I'm tired of debt.
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Old 07-13-2008, 04:50 AM   #3
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Default Re: Quarterly Payments to the IRS

Another quarterly payer here. I like the sound of the numbers you guys are paying. Don't think I can mention the amount I pay in polite company.

Last edited by CPB; 07-13-2008 at 03:08 PM.
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Old 07-14-2008, 06:25 AM   #4
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Default Re: Quarterly Payments to the IRS

Just starting quarterly payments myself. Wish I could say I have to pay as much as you guys because that would mean my income was a lot higher!
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Old 07-14-2008, 07:41 AM   #5
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Default Re: Quarterly Payments to the IRS

Quote:
Originally Posted by Nachos Libres View Post
Did you get a month extension??

Quarterly payments are due on the following for 2008:

April 15, 2008
June 16, 2008
September 15, 2008
January 15, 2009

And yeah, my payments are about $5,000/quarter although I reduced my last payment due to my income dropping this year because of higher food cost, wages, etc.

In fact, I now don't drive my car except to and from work, we don't go out to eat at all, and every purchase my wife and I ask ourselves if it is a need or a want. I'm trying to pay off student loans because I'm tired of debt.
I have mine paid a month later. No sure why I can, but that is what the accountant told me to do. I reduced mine because I simply can't pay 8k right now. I need to come up with some creative write-offs, but I don't know how. I seriously use my business account / credit card for everything.

I finally put this STI on my business account. My other ones were not. I use it for about 85% of business travel.

Home purchase helped a little, but on the other side paying for oil sucks.
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Old 07-14-2008, 09:16 AM   #6
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Default Re: Quarterly Payments to the IRS

Lots of people have to pay expected taxes. Its all about the government earning the floating interest on all that money before you file your returns. Thats why a good accountant works so that you get as little refund as possible, so the government is not earning interest off your money all year. And I agree, they are bastards (taxes that is).


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