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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Replying to @eigenrobot
i don't know of any income where the government doesn't expect you to pay quarterly estimated taxes. the IRS can fine you if you owe too much at tax time.
1 reply 0 retweets 4 likes -
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Replying to @eigenrobot
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
1 reply 0 retweets 10 likes
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