New tax bill and estimated taxes for FY2018

kshama2001

(I will ask a CPA this, but not until she's done with tax season, so thought I'd ask the smart people here.)

1. I'm an IC who pays estimated taxes quarterly. I just filed my taxes with Turbo Tax and was given the estimated taxes amounts for FY2018. I used the same income as last year, and my estimated tax amounts went up slightly. I would have thought they'd go down, since also according to TT my standard deduction next year will be almost double due to the new tax bill. Am I missing something?

2. I know there's a small penalty for not paying any estimated taxes, what about if I pay somewhat less than I was scheduled to? I'm getting a mortgage early May, so am budgeting for those expenses, which come shortly after my first quarterly tax payment.

TIA

ps - I might have found the answer to my first question here - the $4050 personal exemption is going away, so that almost evens things out >.<
https://ttlc.intuit.com/questions/4287866

caco_ethes

What’s an IC?

Unknown

This content has been removed.

km8907

caco_ethes wrote: »

What’s an IC?

Independent contractor

caco_ethes

Ha! Yeah. That makes sense

cee134

kshama2001 wrote: »

(I will ask a CPA this, but not until she's done with tax season, so thought I'd ask the smart people here.)

1. I'm an IC who pays estimated taxes quarterly. I just filed my taxes with Turbo Tax and was given the estimated taxes amounts for FY2018. I used the same income as last year, and my estimated tax amounts went up slightly. I would have thought they'd go down, since also according to TT my standard deduction next year will be almost double due to the new tax bill. Am I missing something?

2. I know there's a small penalty for not paying any estimated taxes, what about if I pay somewhat less than I was scheduled to? I'm getting a mortgage early May, so am budgeting for those expenses, which come shortly after my first quarterly tax payment.

TIA

ps - I might have found the answer to my first question here - the $4050 personal exemption is going away, so that almost evens things out >.<
https://ttlc.intuit.com/questions/4287866

Riffraft1960

kshama2001 wrote: »

(I will ask a CPA this, but not until she's done with tax season, so thought I'd ask the smart people here.)

1. I'm an IC who pays estimated taxes quarterly. I just filed my taxes with Turbo Tax and was given the estimated taxes amounts for FY2018. I used the same income as last year, and my estimated tax amounts went up slightly. I would have thought they'd go down, since also according to TT my standard deduction next year will be almost double due to the new tax bill. Am I missing something?

2. I know there's a small penalty for not paying any estimated taxes, what about if I pay somewhat less than I was scheduled to? I'm getting a mortgage early May, so am budgeting for those expenses, which come shortly after my first quarterly tax payment.

TIA

ps - I might have found the answer to my first question here - the $4050 personal exemption is going away, so that almost evens things out >.<
https://ttlc.intuit.com/questions/4287866

You can pay less than the estimated tax. Just make a voucher with the amount you want to pay. As long as you have paid into the IRS at the end of the year at least 100% of your current years tax liability there will be no penalty.

Motorsheen

I just paid my tax bill with the monetary equivalent in WWF action figures.




Hopefully the IRS has a sense of humor.

kshama2001

Motorsheen wrote: »

I just paid my tax bill with the monetary equivalent in WWF action figures.




Hopefully the IRS has a sense of humor.

Heeheehee if only

kshama2001

Riffraft1960 wrote: »

kshama2001 wrote: »

(I will ask a CPA this, but not until she's done with tax season, so thought I'd ask the smart people here.)

1. I'm an IC who pays estimated taxes quarterly. I just filed my taxes with Turbo Tax and was given the estimated taxes amounts for FY2018. I used the same income as last year, and my estimated tax amounts went up slightly. I would have thought they'd go down, since also according to TT my standard deduction next year will be almost double due to the new tax bill. Am I missing something?

2. I know there's a small penalty for not paying any estimated taxes, what about if I pay somewhat less than I was scheduled to? I'm getting a mortgage early May, so am budgeting for those expenses, which come shortly after my first quarterly tax payment.

TIA

ps - I might have found the answer to my first question here - the $4050 personal exemption is going away, so that almost evens things out >.<
https://ttlc.intuit.com/questions/4287866

You can pay less than the estimated tax. Just make a voucher with the amount you want to pay. As long as you have paid into the IRS at the end of the year at least 100% of your current years tax liability there will be no penalty.

Thanks!

LittleLionHeart1

I'm going to pay my first qtr 2018 with heavily used depends adult briefs on Tuesday next week. And if they want to build a mud wall with them they can.

kshama2001

Ugh, now I can only schedule a payment for within the next 30 days. I used to schedule all four quarterly payments at tax time and was done with it for the year >.<

https://www.irs.gov/payments/direct-pay-help#q11