Q2 Estimated Tax Payments Due
This is just a quick reminder to anyone out there that pays estimated taxes… The second quarterly payment is due this coming Monday (June 15th). So… If you haven’t done so already, it’s time to get things pulled together and write that check. If you pay late, you might end up facing an underpayment penalty at the end of the year.
Published on June 12th, 2009 - 5 Comments
Filed under: Taxes
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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Ha, Your blog has been in my feed reader for months. I check back at least weekly, but this minipost just saved me a penalty. I’ll have to move you closer to the top
. Great content man keep it up.
Comment by Nick — Jun 13th 2009 @ 11:39 pmJust out of sheer curiosity, do you happen to know why Q1 and Q4 payments are due 15 days after the end of the typical quarter (i.e. the March 31 quarter end has an April 15 payment) while the Q2 and Q3 payments are required before the end of the quarter?
Comment by Rachel — Jun 14th 2009 @ 8:46 pmDon’t know much about your tax payment system in America but we should pay as much taxes as the economy in Malaysia and the World is booming thanks to China ! We in Malaysia are enjoying high growth and high inflation, I do not understand all this complaining. We have to thank China for our strong growth as our economy was going down until March 2009 and China rescued us by buying our commodities. Currently there is strong job market, 2 jobs for every worker, we have to import in foreign labour to do jobs that locals do not want to do ! We have high inflation, an example is a local dessert called “cendol” selling for $1.20 in local currency a month ago, is now selling for $ 1.80 in local currency. Thats a hefty increase, so don’t complain, enjoy the boom ! If you need more money to pay your taxes just job hop to a higher salary like what we are doing in Malaysia !
Comment by Chris Leow — Jun 15th 2009 @ 3:41 amLets talk taxes. Federal income is taxable, but who earns federal income? If you work for the federal government then you have earnings and you are on the federal payroll. If you work for WalMart in Florida, would you be earning federal income? Would your paycheck come from a federal payroll? You should know that private income is not federal income, such as earnings at WalMart. So why are the American people paying a tax on their nonfederal incomes? Where is the law in the Internal Revenue Code that makes nonfederal citizens liable for payment of the federal income tax?
Comment by ALVIS JENKINS — Jul 26th 2009 @ 8:03 pmThink about the phrase “quarterly estimated tax payment” and tell the audience out there who is making the assessment of the Tax?
Comment by ALVIS JENKINS — Jul 29th 2009 @ 9:25 pmOn April 15th of every year, the last day for taxpayers to file their taxes, they will have made a self assessment of their taxes for the entire year. So goes the question, who made the assessment in all those payments the employer took from your wages to put into the IRS escrow account until the day all that money is submitted over to the IRS? No one made the assessment, as those payments were illegally taken before assessment. Why even consider making the tax payment in the first place? Are you a federal employee, do you get paid from a federal payroll, are you a federal citizen? If no, then you need to get things straight with your nonfederal employer and let him/her know that the tax payments they are taking from your wages is being taken illegally. It’s illegal because you have no federal income. The IRS wants you to believe that it is mandatory to pay the tax, yet they (the IRS) have been unable in all court cases to provide one statute (USC Title 26) that makes nonfederal citizens liable for the tax. You must be liable to owe the tax. In subtitle “A” of the Internal Revenue Code at section 1461, you will find the only statute providing in making a withholding agent (federal person) liable for the collection of income tax on nonresident aliens and foreign corporations. Subtitle “A” is the only subtitle on income taxes. If you are neither of the former entities, then you can rest assured that you are not liable for the federal income tax. Also as a nonfederal citizen, you have the protection of the highest law of the land, the Constitution of the USA. Why continue to sign a 1040 form or any other federal tax form under penalties of perjury? You automatically perjure yourself when you sign the tax form admitting to being on the federal payroll (when you are not) and that you owe the tax and you are making out that “income tax (RETURN)” so you can return that portion of your income that is taxable. Citizens of the USA not contracted with the federal government in a trade or business, are not liable for the tax, only nonresident aliens and foreign corporations according to subtitle “A” of the Internal Revenue Code. If you want to contiue paying the tax with the risk of perjury and allow the IRS to possiblly prosecute you criminally, then that’s your choice.