"Schedule tax payments in advance. Businesses can schedule payments up to
120 days in advance. Individuals can schedule payments up to 365 days in advance. Scheduled payments can be changed or cancelled up to two business days in advance of the scheduled payment date."why do they not let businesses schedule payments up to 365 days in advance? PITA.
Sorry, I can't tell you why, but I'm curious about why that's a problem. What tax would a business be paying that it would know the amount of more than 120 days before it's due?
Phil Marti VITA/TCE Volunteer Clarksbur, MD
"Phil Marti" wrote
The only thing I can think of is the FUTA tax on a single owner / single employee business who may have maxed the FUTA for the year, but it isn't due, necessarily, until the end of the year.
Maybe that same single owner / single employee with static payroll who wants to set up all recurring withholding tax payments for the rest of the year. Not that I'd recommend that, but for a couple of clients I have, it'd make their life easier.
a pretty simple corporation, and its estimated income taxes. And with volunteer help, to boot. So it is easiest to just queue them all up at the outset.
As long as we are on the subject, what are the safe harbor provisions? Is it 110% of previous year's tax liability, as for individuals?
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