Investor · Bronx, NY · Member since 2015 · 14 posts · 2 votes
I would like to know if anyone pay estimated quarterly taxes to the IRS. I have an LLC in Pennsylvania and I buy and hold properties. Thanks in advance.
Allentown, PA · Member since 2014 · 264 posts · 120 votes
9y
I assume here you are talking about estimated income tax.
It is very risky to not pay them, both the IRS and State of PA can levy fines on you if you do not submit taxes when you receive the income (ie: submit taxes on January rents in march)... note that I say "submit" not "pay". What I do is mid December I try to do my best to estimate my total year taxes, and then adjust the last quarterly payment to be a more accurate number... sometimes I get close, if I do not have time, I pay the suggested amount and deal with the residual in April.