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Video instructions and help with filling out and completing corporate estimated tax payments safe harbor 2021
Music Applause Music howdy this is David grocer Texas tax and law man let's talk about estimated tax payments nobody loves paying taxes scratch that I don't know anyone who even likes paying taxes however most Americans have their taxes taken out of their checks before they receive it the IRS calls that withholding and the IRS loves withholding because with every paycheck you receive Uncle Sam gets paid to said differently Uncle Sam is looking forward to your paycheck as much as you are in my mind I think of Uncle Sam like the eccentric uncle who sleeps on our couch down in the basement and can't wait to blow every dollar you bring home but worse than that he runs up our credit card to fund his pet projects like giving Swedish massages to rabbits or teaching mountain lions to Ride treadmills we're studying how many times hangri people stab a voodoo doll in case you think I made those things up check out this article from CNS news.com that cited the study of US Senator Tom Coburn I hope this mental picture sticks with you because I personally believe that you know better how to spin and save the money you earn then does the government bureaucracy yes I know government provides for the common defense builds highways and fun schools but local control by people we personally see know and vote for and who answer to us directly is closer to the ideals of our founding fathers than the Leviathan of government we have today so back to estimated taxes there is no law that says thou shalt make estimated tax payments however Internal Revenue Code section 66 54 says that if you do not make estimated tax payments then the IRS will impose two charges on you late payment interest and late payment penalties late payment interest is charged at the political federal rate plus 3% as of April 2021 the AFR is 2.1% therefore the lake payment interest is five point one percent but wait a second the IRS not only charges you interest but they compound it daily said differently they charge you interest on your tax every single day the daily rate of 5.1% annually equates to a daily rate of zero point zero one four percent in addition to the interest the IRS charges you a late payment penalty if you don't pay all that you owe by 4:15 that charge is one-half percent Interest per month up to 25 percent once they assess your tax and sends you a notice the payment jumps to one percent per month up to forty seven percent if you're thinking this is you serious interest and should be against the law you're right it is for everyone except the federal government credit cards are capped at 25 to 28 percent per year depending on the state but the feds are not bound by these limitations setting aside the manifest unjustness of limitless interest.