[1795] in Depressing_Thoughts
Re: Taxes sux (again?)
jon@ATHENA.MIT.EDU (jon@ATHENA.MIT.EDU)
Sun Jan 27 18:53:42 1991
$500 is not really a hard limit.
Basically you have to wind up having paid in advance (i.e. via
withholding and estimated payments)
1) 90% of what you wind up owing
or
2) More than you owed in total last year (if last year's return covers
12 months)
From the wording in this year's 1040 if the amount you need to pay with your
return is less than $500 than you're okay no matter what.
I almost always wind up owing the government a good bit of money
(sometimes thousands of dollars), but I am usually okay by #2.
I feel that forcing you to withhold is evil. I'd be glad to pay my
entire bill on April 15th. (And I'd get the $1,000 or so interest
instead of the goverment --- talk about hidden taxes!)
-- Jon
