New C corp. - Estimated tax payments?


D

DB

New C corp. (Jan. 07). On track to gross over 100K. Are estimated federal
tax payments (quarterly) required in the first year and if so, how are they
figured? (I would prefer not to pay until years end) Thanks, DB
 
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J

Jim Kingdon

New C corp. (Jan. 07). On track to gross over 100K. Are estimated federal
tax payments (quarterly) required in the first year and if so, how are they
figured?
Don't know the answer for a C corp, but for an individual you are
supposed to pay even in the first year, although penalties may not
kick in until the second.
(I would prefer not to pay until years end) Thanks, DB
Paying at year's end will subject you to substantial interest and
penalties (with the possible exception of the first year, as described
above). Again, that's for an individual.
 

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