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Money and Finances
Reply to "Just saw our federal tax bill and nearly fainted"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Oh, that's right... just go ahead and give the government your money upfront... ahead of when it is due. Here, take more, take more....[/quote] It's actually due in quarterly payments. You can't just go all year and write one big check. [/quote] In some cases you can. If you are a small business owner and expect your annual employment taxes (FICA and any withholding for employees) to be less than $1000, then you can opt to file form 944 annually instead of form 941 quarterly. Otherwise, you are required to pay quarterly. So, if you are a one-person home business and don't opt to withhold taxes for yourself and expect to pay less than $1000 in combined FICA (both employer and employee taxes) then you can get away with filing annually.[/quote]
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