Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 09-16-2008, 01:02 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
When is a taxpayer not required to pay estimate taxes and safely avoid any penalties?

According to the IRS tax code, a taxpayer is not required to pay estimated taxes if the taxpayer satisifies three of the following conditions.

1. You had no tax liability for the prior year.

2. You were a U.S. citizen or resident for the whole year.

3. Your prior tax year covered a 12-month period.

The Taxpayer is considered to have no tax liability if the total tax liability in the preceding year was either zero or that the taxpayer was required to file an income tax return based on his income (or lack thereof) consideration.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Can a Taxpayer receive a tax refund if they owe the IRS for prior years taxes? TaxGuru General 0 05-18-2008 03:04 PM
What is the latest estimate of 2008 Tax refunds from the Stimulus package? Allard General 1 01-24-2008 06:32 PM
On what grounds can a Taxpayer seek abatement of IRS penalties? bookkeeping Miscellaneous 0 11-19-2007 11:35 PM
Can a taxpayer effectively plan to avoid paying AMT taxes? Adam Alternative Minimum Tax 1 07-30-2007 04:48 PM
How Can I avoid the dreaded AMT Taxes? bookkeeping Miscellaneous 0 06-08-2007 08:53 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning