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Old 01-29-2011, 12:41 PM
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California now requires a higher minimum amount of California installment payments due for 2010

Per California Franchise Tax Board, "Installments due for each taxable year beginning on or after January 1, 2010, shall be 30% of the required annual payment for the 1st required installment, 40% of the required annual payment for the 2nd required installment, no installment is due for the 3rd required installment, and 30% of the required annual payment for the 4th required installment."

However, taxpayers with a tax liability less than $500 ($250 for married/RDP filing separately) do not need to make estimated tax payments.

Clearly, the effect of this law means that the taxpayers would be required to pay a larger chunk of their 2010 CA Tax Liability sooner rather than later!

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