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Author: ptsurmr Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124161  
Subject: Pay Q4 estimated state tax this year? Date: 12/16/2000 2:00 AM
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Let me start by saying you folks have some very talented, giving leaders on this board (TMFExRO standing at the top, IMHO). Before posting this request I read threads going back several weeks. Amazing knowledge and patience is shown!

Now, for the question(s)...

As a sole proprietor, I pay quarterly estimated taxes. The 4th quarter taxes are due 1/15/2001. I am in the max tax bracket this year and am searching for legit deductions.

The fair (you decide) state of CA humbly requests that I remit 9% of my AGI to their care on a quarterly basis. This amount is not insubstantial.

Anyway, being timely with my bills (and, as I said earlier, appreciating the opportunity to gain additional Federal deductions this year), I am considering making my Q4 state estimated tax payment on December 29th. I will still make my Q4 Federal estimated tax payment on 1/15/2001.

I just want to confirm that I will be able to deduct this payment on my 2000 Federal return.

Furthermore, hypothetically speaking, is there any legality, tax code, etc. preventing someone from making a rather larger than normal (and larger than needed) 4th quarter estimated state tax payment? The idea being that this will defer the excess state tax payment income into next year (assumes the person making the rather larger than required estimated state tax payment will receive a tax refund in 2001 for overpayment, and that this refund will need to be reported as income in 2001).


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