Quarterly Taxes. Bleh.
January 7th, 2007 by Grant in: TaxesMy last installment of 2006 quarterly taxes are due next week. And I can’t say that I’m thrilled. Not at the fact that I owe taxes, after all, if you owe taxes you must have made money. I just don’t like spending money.
Due to my revenues from the oil company and the fact that it’s an S-corp company, along with the fact that I sold some stock two years ago for a $7,000 profit, Uncle Sam wanted his share. With a >$1,000 federal tax payment, the IRS also wants to make sure you don’t owe so much all at one time for next year, so they require estimated quarterly tax payments.
The good thing stemming from all this is that I didn’t sell nearly as much stock last year, and I’ve generated more expenses from oil revenue. So hopefully I’ll actually get money back from the government this year.
Now if I could just figure out how to make them pay interest on my year-long loan…
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January 11th, 2007 at 10:00 pm
If you’ve had to pay quarterly estimated taxes, you must have done somthing right during the year to have to do so. I wouldn’t complain too much.
How much do you think you’ll get back this year? jim
January 11th, 2007 at 10:02 pm
I had 2 do the same thing. Made a killin in the equities and the govt wanted its share. Just curious, what did you sell at a 7k profit?
January 11th, 2007 at 10:08 pm
Dude, you need a tax advisor! Or at least a CPA that can tell you how to take enough expenses on your income to, at a minimum, break even!
Are you taking a salary yet?