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Financial Planning / Tax Strategies
|Subject: Re: Est taxes - one pmt instead of quarterly?||Date: 3/22/2013 8:06 AM|
|Author: TMFPMarti||Number: 118111 of 121222|
My fiance always has to pay quarterly for estimated taxes.
He's wondering if instead of paying quarterly he can just pay it all in one payment up front because of the hassle-factor of remembering and having to make the separate payments.
I'm assuming you should be able do this, but is there any info on exactly what you do - do you just pay the full amount on the first quarterly payment date and then just not do anything else until you file your taxes?
That's all he needs to do.
Everything following is unsolicited advice from Phil's "Tips for a Successful Marriage." Feel free to move on without reading.
I just finished my 2012 taxes and the scheduling of my 2013 ES payments. With interest rates what they are, it probably doesn't earn me $10, but I'm not forking over a dime before I have to. It didn't take me 5 minutes to set up the payments through www.eftps.gov and put them in my budget spreadsheet so I remember to have the money in my checking account when the EFT happens. We're not talking rocket science.
If this is a "ring and a date" fiancé (as opposed to a "we can't think of anything else to call each other after all these years" fiancé) and you plan to merge your finances after marriage, make sure you're the one who's in charge. If he finds four estimated tax payments daunting it doesn't bode well.
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