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| Subject: Re: Estimated Taxes | Date: 2/16/2000 11:59 AM | |
| Author: Crosenfield | Number: 28839 of 118626 | |
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Your choice is to increase your 2000 withholding to cover the amount of your 1999 taxes or to file quarterly estimates. You CAN have your employer eliminate all deductions and take out an extra amount from each paycheck, an amount specified by you. Then assuming that for 2001 your income will be more normal, you would go back to your withholding the way it is now, if you do it that way. If your bonanza comes at midyear, that saves you making a quarterly estimate before you get your bonanza. You CAN file an extra form explaining to the IRS that you didn't get the money until Dec. 20 or whatever, but that would be yet more trouble. If the extra money doesn't come too late in the year, it would seem to me that adding to your withholding for the rest of the year would be my choice. Best wishes, Chris |
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