tax question, help please ASAP.

Discussion in 'Taxes and Accounting' started by freewilly, Jan 5, 2010.

  1. Hi,
    I had pretty big gain on trading in 2009. I just heard that I can not wait to file tax return till April 15th, otherwise I will get big penalty.

    How do I pay my tax? I looked up IRS webpage, but am still not sure which form I should fill and where I should send my money to. I need to do it ASAP.

    Can you point me the links?


  2. muller


  3. Thanks, muller.

    which form though?

  4. i cant think of any reason you cant wait until april 15th. the only possible penalty could be because you didnt file quarterly estimated taxes but its too late for that. the penalty for that is nothing more than simple interest.
    if you dont know any more about taxes than you question indicates you need to hire someone to do your taxes this time.
    we need more information to give more advice on forms and such. what were you trading? are you filing as a sole prop?
  5. thanks, everyone. still would like to know which form i should file.

    i am going to my local IRS tomorrow.
  6. muller


    I cannot answer since I don't know who you are and what you did...
    it depends on who you are and where you live...
    are you an individual? or are you part of a corporation?
    you live in the US or outside?
    are you US citizen or not?

    you can call these guys up. they are friendly and all talk.


    Just write them a check!

    You are only expected to pay tax on 110% of 2008.

    If you made 100K in 2008, then you ONLY need to pay estimated on 110K, so don't overpay the MF'ers.
  8. try the phone.
  9. yes, i'm on the phone RIGHT NOW. IRS has put me oh hold for 20 minutes already. Who else is paying tax now?!!!!
  10. "You cannot avoid penalties by paying the year's taxes with a big check in the last quarterly payment. The IRS expects you to pay the taxes equally throughout the year. If your estimated payments are not equal, the only way to avoid penalties is to use the annualization method."
    #10     Jan 5, 2010