The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/lorenzo2-prepaying-your-state-estimated-tax-in-15545924.aspx

Subject:  Re: Estimated Taxes Date:  8/11/2001  10:24 AM
Author:  irasmilo Number:  53247 of 121061

lorenzo2,

Prepaying your state estimated tax in December just makes bookkeeping easier if you're itemizing on your federal return. It is not a requirement. If you pay "on schedule" in January, you only have to remember to include your previous year's Q4 state estimate and only the first 3 quarters of the current tax year. It usually isn't that much of a dollar difference. In any event, the payment isn't due in December.

Ira
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us