This is depressing.  I am guilty.  I don't calculate my tax return every quarter, so I tend to do it once a year and pay with my extension.  At 3%, I wrote it off as cheap financing.  At 8%, I guess I will be paying a LARGE 4th Q payment, so I can limit it to 1/2 of a year of penalty (I generally get the first quarter covered with over payment (it makes sense, given the estimate and the first quarter payment are due about at the same time).


No way in hell I am going to pay 100% of previous year this time - last year was my most tax ever.  I guess I could always call the bank and figure out if I could do it, but shit - it would be paying my 2024 taxes in advance.  Pretty sure 2023 will be about 1/2 of 2022.

The government does for sure as they can not control them as well.

A flat tax really wouldn't solve this issue if the base problem is people not making quarterly payments.

Dear ATF agent assigned to me,

   Please tell your IRS agent friends they can all suck a bag of dicks.

 Regards,
              Midyew5959

Agreed, I've paid maybe a couple quarters' worth over the years because it wasn't worth the hassle versus what it cost (and an argument could be made paying estimates costs you money if you are getting a return on the money, basically a low interest short term loan that you can invest). But this does probably change that.

I make sure my quarterly payments exceed my prior year’s taxes. Since I am retired and my income can vary based on investments, I feel it is less hassle to get a small amount back.

I like to blame Biden for just about everything. While he is to blame for the high rate of inflation, he did not change how underpayment penalties are computed.

With the SALT deduction limited on the Federal level, I often pay owed federal taxes on the 15th and receive a refund from the state of California.

More financial illiteracy.  That isn’t the “fine” that is the interest in addition to any fines/penalties they assess.

I wonder what year it takes effect in. I'm guessing it probably applies and takes effects for this tax year but I hope not.

He's right you know.

Don't worry, one day you will get some of that back when you collect Social Security and many here will bash you as a welfare mooch.

When you write that big check to the tax man it sure feels different than it does for the W-2 people who never get to hold that money in their hands.

Everyone should have to pay a quarterly estimated income tax.  Might help end the income tax right quick.

If you are doing the kind of business that generates 100k in taxes per quarter, you'd be crazy not to have a cpa.

He'd save you more money than he'd cost you with volume like that.

110% is the rule if you have a higher AGI.

Well, they do need to scrounge up around $32 trillion dollars, so every little bit helps.

And just think, some retards probably believed them when they said the 87,000 new agents were for the billionaires and millionaires.    Bidenomics at work...

educate yourself and set yourself free, and quit being brainwashed.

https://awakenednexus.com/

https://losthorizons.com/

thats your problem right there...

No.. you didn't owe it.

The mafia said you owed them, and didn't pay it quick enough, so now you owe them more. Based on a rate a non government entity with unelected power over all of us decided is the "rate" we owe?

You forgot armed and jackbooted.

And notice that small business owners were the ones bankrupted permanently by the covi(D) plan(D)emic.  Mega corps got Federal bailouts (thanks to our tax dollars) and are just fine.  Probably some record bonuses for execs.

Render unto Caesar.....

You think the whores are paying their share?

But yes the quarterly payment fines are bullshit. I make some guesses while still trying to avoid giving government interest free loans.

Our general tax structure is bull shit and needs a giant overhaul. Also government needs to quit spending all my money.

87,000 New IRS Tax Examiners to go after Billionaires "not paying their share" ...  

Bigger_Hammer

87,000 new agents to go after billionaires

They absolutely do.

Big Gov, like Big Pharma, Big Tech, Big Media, and Big Business hates the little guy.

Which is even worse because I don't get interest if they owe me money at the end of the year. But i owe them interest on a fine even if I pay it the same day the fine is assessed.

Bigger_Hammer

Meanwhile the ass gaskets are sending all this money offshore.

merica.

Hunter Biden is already having trouble paying his child support, no way he is going to be able to pay the massive IRS fines he is about to receive.  (sarcasm)

He will likely get a tax refund.  Bribes aren't taxable income, nor are luxury cars, hookers and blow.  Last 3 are legitimate expenses for Hunter.

So they are going to pay me 8% on my overpayments on quarterlies in years that aren’t good?

Fuck the IRS

Just be Hunter Biden, then you don't have to pay jack shit.

Stolen elections sure do.

I got hit with a 30k penalty last year. Don't feel like explaining but, it was bullshit. Assholes.

So will I get 8% tacked on my refund?

I hate the irs so fucking bad. we run two small businesses plus personal, I spend SO MUCH FUCKING TIME trying to keep our taxes straight. it's 100000 percent designed to be confusing and fuck you over by making it easy to make mistakes.


fuck the irs, liberals and all these cunts that think they own every cent you make to spend on fucking social shit.

That would be very easy to track their income, but say the whore gets bolt ons in the second quarter, and their income goes up 300% in the third quarter.   The whore must pay.

Was lucky? When I worked for myself for a few years I just ignored the quarterly thing and payed all my taxes in full at the end of the year.  I refused to do taxes four times a year. Fucking waste of time

Inside Hunter Biden’s tax crimes: How the president’s son blew off the IRS while making millions
The lawyer and businessman repeatedly admitted in court that he broke the law while ignoring request after request by associates to pay tax debts.

By Cris Barrish, whyy.org, July 31, 2023

The stage was set, the players in place in Wilmington’s federal courthouse for the long-awaited denouement in the Hunter Biden tax saga.

Prosecutors would detail the full scope of the “willful failure” by President Joe Biden’s son to pay his federal income taxes for 2017 and 2018.

The 53-year-old Biden would admit his misdemeanor offenses and put this chapter of his high-flying yet erratic life behind him.

But last week’s hearing went off the rails, with the judge raising dozens of questions about the plea deal’s appropriateness, enforceability, and clarity during a contentious three-hour session. The hearing ended with the judge deferring action in the case and Biden entering a “not guilty” plea.

Biden repeatedly acknowledged blowing off significant income tax obligations while ignoring pleas by his accountant and other business associates to file his returns and pay up, even though he had the money.

Biden had an income of $4.4 million those two years and owed between $1.2 million and $1.6 million in income taxes to the Internal Revenue Service.

His exact tax bill for those two years remains uncertain, however, because the IRS is reviewing what Assistant U.S. Attorney Leo Wise called “improper” business deductions Biden claimed. Biden’s attorney, Christopher Clark, said his client made mistakes in identifying personal expenses as business expenses.

Biden also admitted to being delinquent on his tax obligations in 2016 and 2019, although prosecutors did not charge him for those offenses.

The parties also revealed in the plea agreement that an unidentified “third party” paid $2.6 million in October 2021 in an attempt to settle Biden’s tax debts, including penalties and interest, for 2016-2019. Biden told the judge the money was a loan, but he is “not currently” making payments.

Biden admitted, time and time again, to breaking the law.

U.S. District Judge Maryellen Norieka asked Biden: “Are you pleading guilty of your own free will because you are, in fact, guilty?”

“Yes, your honor,’’ Biden replied.

Biden’s earnings came from several sources, including the prominent Washington, D.C., law firm Boies Schiller Flexner, outside legal work, his own businesses, Rosemont Seneca investment management firm, and Owasco holding company. He also earned money from Ukrainian energy giant Burisma, Chinese investment and energy companies, and an unidentified “Romanian” business.

‘I handled my affairs legally,’ Biden said of taxes in 2020.

Prior to Wednesday’s hearing, all that had been disclosed publicly about the scope of Biden’s crimes was a two-page criminal “information” filed June 20 in U.S. District Court in Delaware. The document charged Biden with “willful failure” to pay more than $200,000 in taxes on income of more than $3 million for 2017 and 2018.

David Weiss, the U.S. attorney for Delaware who has overseen the five-year investigation, also filed a letter with the court clerk that day, writing that Biden has “agreed to plead guilty to both” tax charges.

The crime of willful failure to pay federal taxes is a misdemeanor punishable by up to a year in prison and a $100,000 fine for each count, yet prosecutors agreed to recommend probation to the judge.

Though he still had a massive unpaid tax debt for the previous four years, Biden said he was “confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately.”

Biden was not charged with the more serious crime of tax evasion, a felony that carries a maximum penalty of five years behind bars. That crime requires someone to take affirmative steps to evade taxes such as falsifying financial records.

The decision to charge Biden with misdemeanor offenses has led many to question whether Weiss gave a “sweetheart deal” to the hometown guy whose dad is commander in chief.

Two IRS agents involved in the case have testified before Congress that they urged Weiss to file felony charges but were rebuffed. Republicans in Congress have charged that the Democratic president’s administration interfered in the investigation and have pledged to keep digging.

Weiss has publicly said that he worked without interference from the U.S. Department of Justice, and has agreed to testify before Congress about the case.

Two-year income of $4.4M while strung out on crack cocaine

While Hunter Biden predicted in 2020 that he would not face tax charges, a far different and more troubling tale unfolded last week in the J. Caleb Boggs Federal Building, named for the U.S. senator whom upstart politician Joe Biden defeated in 1972.

A few floors below where his father had maintained a U.S. Senate office, Biden sat quietly in the defendant’s chair, flanked by a team of attorneys while his misdeeds and chaotic lifestyle took center stage.

When Judge Norieka asked him on several occasions whether the government’s assertions were true, Biden responded, “Yes, your honor,’’ in a quiet voice.

On Noreika’s orders, Wise read and summarized from an exhibit to the plea agreement, describing “Robert Hunter Biden” as an “attorney and businessman with lucrative domestic and international business interests.”

In total, Biden was paid $2.3 million in 2017 and $2.1 million in 2018, Wise said.

Wise said Biden continued to be paid huge sums those years even though he had relapsed into substance abuse — a descent that began after his older brother Beau, Delaware’s former attorney general, died in May 2015.

By 2016, Biden had begun to abuse crack cocaine, the plea agreement said. That same year, he also began a nearly three-year affair with Beau’s widow Hallie Biden.

Biden’s addictions and lifestyle contributed to the collapse of his marriage and his divorce in 2017, as well as the disintegration of most of his business relationships.

“Virtually everything collapsed,” Biden told Noreika.

Biden also said he’d gone to inpatient treatment facilities “close to six times” from 2003 to 2018 but had been clean since June 1, 2019, shortly after he remarried. Yet when Noreika asked Biden if there were any particular drugs he abused, the defendant didn’t specify crack cocaine.

Instead, he muttered, “Everything, your honor.”

This is why I began employing an accountant again this year.

But the IRS can.

My accountant just gave me the IRS estimate for next year and a payment schedule so I can pay early.

Lol, OK.  I'll get right on that for you boys.

Almost like it's less about money and more about control.
Every branch of the Gov is trying to figure out how to control more.

Increasing penalty still won't generate enough revenue.  Next will be a penalty for over-paying. Hey, it cost money to return all that money!

what percent interest to we get if we overestimate?

Except for Sovereign Citizens and Al Sharpton.

I'm astonished at the self employed who vote Democrat.

They're self-loathing shitheads.