if one hypothetically has income resulting from the sale of an s-corp does one need to do some kind of manual reporting or quarterly tax thing or can they just eat a large net amount owed from capital gains when they file a 1040 the next year
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quarterly estimated taxes are owed on cap gains income, yes the penalties for missing the quarterly deadline are roughly 5% of the taxes owed, if youre trying to ballpark whether its worth paying an accountant for help
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oh well ty!
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Yes. You'll need to pay cap gains taxes on the profits in the next month or two. Check to see if there's a state or local tax as well, there is in NYC. (source: talking to my tax lawyer two weeks ago).
Thanks. Twitter will use this to make your timeline better. UndoUndo
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short term you do, and I don't see why long term wouldn't be the same. but I'm far from an expert. I did get an accountant in 2019 and boy is it all upside compared to turbotax. got me a better tax payment, answers complex questions clearly.
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there are some exceptions but the rule of thumb is you can be fined if you're not a poor and you underpaid by 10%.
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