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Author: reallyalldone Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 309847  
Subject: Re: It does hurt sometimes Date: 8/31/2003 7:30 AM
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I followed your link, but found they were using a lot of tax language that I don't really understand to start with.

Even if you use an accountant, ignorance of the tax laws is not a defense to the IRS. Particularly since you are partially self-employed, it would behoove you to take some time to learn some basic tax information. It may be as important to your financial well-being as having no debt. Actually it's more important since the IRS can seize whatever they want to satisfy a tax judgment.

In the nutshell, safe harbor means you won't be penalized if you have had withheld or made estimated payments equal to 100% of your final tax bill for the previous year or 80% of what you end up paying for the current year.

As for estimated taxes :


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