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LawTalk, Attorney
Category: Legal
Satisfied Customers: 34897
Experience:  I am a practicing attorney with more than 30 years of experience in the legal field.
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I had to pay 13K dollars in additional taxes last year due

Customer Question

I had to pay 13K dollars in additional taxes last year due to a large short term capitol gain of almost 60K. We made over 150000 last year but do not expect to make that this year. We also expect minimal capitol gains. Will we owe a penalty if we make 500$ qtr est taxes and do not owe any additional taxes at the end of the year
Submitted: 4 months ago.
Category: Legal
Expert:  LawTalk replied 4 months ago.

Good afternoon,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

So long as by paying the quarterly estimated taxes you don't owe any additional taxes at the end of the year---meaning nay withholding and quarterly payments that you make cover your tax liability, then you will not be penalized for not having made a larger estimated tax payment.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. As I am not an employee of JustAnswer, please be so kind as to rate my service to you. That is the only way I am compensated for assisting you. Thank you in advance.

I wish you and yours the best in 2016,


Expert:  LawTalk replied 4 months ago.


This seems like a very crucial matter for you, and your questions and issues suggest that an in-depth conversation might best suit your needs. If you are interested, for a very nominal charge I can offer you a private phone conference as opposed to continuing in this question and answer thread which is searchable and viewable by the public.

If I have already provided you with the information you asked for, would you please now rate my service to you so I can be compensated for assisting you?

Thanks in advance,