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Chapter 22. Income Taxes > Troubleshooting

Troubleshooting

Quarterly Income Taxes

My company owes quarterly income taxes but there’s no extra money in the till. Can’t we just wait and pay up at the end of the year?

The payment of quarterly income taxes is a legal liability, not an option. You must plan ahead and prepare for timely income tax payments. If you do miss a payment, make the payment as soon after the due date as possible. A late payment is subject to a penalty and interest, but the interest stops accumulating as soon as the payment is made.


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