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Daycare and Taxes>Question About Penalty For Filing Late
Jewels 05:38 PM 01-31-2011
I saw a post where Tom said if you didn't pay quarterly you get a penalty, Now I opened in november of 2009, so I claimed a loss on my 2009 taxes, I am married and we do file together. Now my tax preparer last year said something about the quarterly taxes, but said they didn't have an estimate for me to pay in through 2010, so I wouldn't have to since it was my first full year, So am I going to get a penalty? My husband does work full time, so he does have taxes taken out.
TomCopeland 10:13 PM 01-31-2011
There is not exemption from paying a penalty in your first year if you don't pay in enough taxes throughout the year. Whether or not you face a penalty for 2010 depends on the tax you owe and how much your husband had withheld.
actaktmdt 09:46 AM 02-01-2011
but there are situations where you dont have to make estimated taxes right? Like if you know your going to receive a tax refund on your personal taxes or if you had no income tax liability in the previous year.......
TomCopeland 11:33 AM 02-01-2011
Yes, there are situations where you don't have to file estimated taxes quarterly:
You don't expect to owe more than $1,000 in taxes, you or your spouse has paid in at least 90% of the taxes you owe, your spouse has paid in this year at least the amount owed in taxes from the previous year.
Tags:filing late, irs, penalties
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