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Old 04-11-2017, 03:34 PM
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Question Need some advice about tax repayment and/or estimated tax payments

Hello, everyone

New here and first off I apologize that this is going to be a very long and drawn out thing, and if it is in the wrong location on the forum, I am just having a hard time with trying to decide on what to do and slightly stressed so please forgive me. Also I am slightly tax-illiterate.

Backstory:
I've been running my own LLC. since January 2015, I have had few dedicated and consistent clients who have made it easy to operate. I have no employees other then myself. When first starting I wanted to be very proactive about everything and wanted to make sure that I didn't find myself in the exact situation/pickle that I find myself in currently. My CPA, (who I no longer contract with due to this predicament) has made rather drastic miscalculations that I now must face. My LLC is my only income for my household, which makes for a tight budget and a very frugal life style. I was making estimated tax payments and checking in with the CPA on a quarterly basis, to only recently find that I owe double what I've already paid.

My question:
What would be the wisest way to go about doing this? I have 1200 which was going to go for my estimated tax payment. However I owe the state of Oregon 700 and the IRS 4000. Also my more dedicated client will be offering me a full time job position here in July which will include, benefits, retirement, and about a 25k annual pay increase from what my LLC makes now.

What I plan on doing:
Applying for an IRS repayment plan then using the 1200 to pay off the state tax owed and 500 toward the IRS tax owed. Make the IRS payments through July. While making zero dollar estimated tax payments for the first and probably second quarter. Then in July, dissolve my LLC. While working full time, continue paying the IRS, claiming 0 on my w4 for maximum withheld, and try our very best to make a sizable (2000-4000) estimated tax payment within FY2017 in an attempt to make up for the lack of 1st and 2nd quarter payments.

Thank you for reading this whole thing and hopefully it makes sense. Any and all advice would be greatly appreciated.



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