# TAXES and QUARTERLY PAYMENTS



## Ubering (Feb 1, 2015)

I just did my taxes, had a professional do them and took out a lot of deductions that i probably would have missed etc..

But I was aware or heard about making quarterly payments, 4 times a year, which I didnt do last year. Anyone do quarterly payments? I actually don't think IT IS required.

A note from the tax professional...


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## dtsexpert (Aug 7, 2016)

It's a proper way to do it avoid the penalty if you own,IRS quite a lot at year end.
Reason is that IRS thinks you avoid paying tax on time (same period you generate the earning) and use that money to invest some where else. 
Same as W2 folks, they have to tell employer claim number to determine the tax withheld from their paycheck.


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## nash801 (Apr 17, 2016)

Ubering said:


> View attachment 112906
> I just did my taxes, had a professional do them and took out a lot of deductions that i probably would have missed etc..
> 
> But I was aware or heard about making quarterly payments, 4 times a year, which I didnt do last year. Anyone do quarterly payments? I actually don't think IT IS required.
> ...


The tax guy i told you about (s and m acctg on van ness) said the fee is small if you don't do quarterly. He also offered to meet me in June for free to see how my profit and loss is going


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## Ubering (Feb 1, 2015)

Was it Homam you worked with? He did my taxes, so thanks for the recommendation.

I don't plan on driving this year a whole lot, very part time. So would rather just figure out my numbers at end of the year type thing.


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## RedoBeach (Feb 27, 2016)

Ubering said:


> View attachment 112906
> I just did my taxes, had a professional do them and took out a lot of deductions that i probably would have missed etc..
> 
> But I was aware or heard about making quarterly payments, 4 times a year, which I didnt do last year. Anyone do quarterly payments? I actually don't think IT IS required.
> ...


It's just another way for the private corporation in Puerto Rico to take a no interest loan out from you in the event you overpay, like most W-2's.

The irony is that people feel like they won something when the get a significant amount of their money back after loaning it to the IRS throughout the year. It's a pretty genius scam on their part.


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## Ubering (Feb 1, 2015)

Yes for 95% of people it feels like Free money.


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## Trafficat (Dec 19, 2016)

If you end up owing more than $1000 to the IRS when you file your annual taxes you may end up with a tax penalty. So in general, quarterly payments are required.

On the other hand, if after doing your standard mileage deduction you end up with no taxable income, there is no need to do a quarterly payment to the IRS.


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