Estimated Tax Payments

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  • tpnl
    Senior Member
    • Mar 2007
    • 220

    #1

    Estimated Tax Payments

    Client sold land - 600K. I ran the numbers on his 2008 return and he would owe about $105,000 in federal tax.

    His 2008 tax liability is $10719. He only needs to pay in 100% what his 2008 tax liability to avoid penalty for 2009, right? His withholding should cover it (as long as he does not lose his job).

    Someone at my office thought the requirements changed with the American Recovery and Reinvestment Act of 2009. We can't find any info. Does anyone know anything?
  • Burke
    Senior Member
    • Jan 2008
    • 7068

    #2
    It's for small business owners. Should be on the TTB Update. Basically, it's 90% of 2008, or 90% of 2009 tax. More than 50% of income has to be from small bus (less than 500 employees.)
    Last edited by Burke; 04-08-2009, 04:28 PM.

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