The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: 99 Taxes!!||Date: 8/13/1999 6:27 PM|
|Author: nbhat||Number: 18154 of 122852|
I'd reaped captial gains in 98 for which I paid taxes this year. When calculating my taxes TurboTax recommended that I pay taxes in 4 quarters since my withholding was not enough and I ended up paying some taxes. At that time I thought that this year I'll not sell any stock and hence I donot have to pay those quarterly payments.
But I did sell stock this year when the market was at peak and am buying my first home. This was unanticipated and now I face paying penalty for almost 15K in gains (all short term btw nto CSCO stock, that is for long term). I know I can increase my withholding from now to end of year to reduce the tax burden and avoid the penalties. On top of things I now have learned that I will get a hefty bonus and salary hike. How do I deal with this situation to avoid the penalty?
Is there something I am missing?
Any other ideas you can recommend?
Cisco Systems Inc.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|