The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Estimated Taxes||Date: 8/10/2001 11:27 PM|
|Author: jailleres||Number: 53242 of 121335|
"Do you get a salary subject to withholding?"
Yes, we pay ourselves modest salaries and withold and file the 941s.
"you can start withholding almost all your salary and get the tax witholding up to what you owe. "
No, because the consulting job we were working on is over for this year. Besides, as a subchapter S corp we will have income over and above the salaries.
"If you can't do that, get the third quarter up to the right amount and you'll only owe for two quarters. "
I paid the first two quarters up in full in July so now I just owe the quarterly amount in September. So if I stay on track for September and December then I should be OK, right? I expect we'll owe an additional $5000 in taxes so the penalties are worth worrying about.
Thanks again for the advice.
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