Re: The Shining City Upon a Hill
If his accountant has properly computed the required quarterly estimate payments during the year that could easily be the amount remaining to be paid at tax return time. Since you are a low information Canadian when it comes to US tax structure, here is an explanation of Estimate Taxes from the IRS website: "Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have to make estimated tax payments. If you are in business for yourself, you generally need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax."
Since nearly all of Donald Trumps income, prior to becoming President, came from sources other than Salaries and wages the majority of his taxes were paid through Quarterly Estimate payments, most likely totaling in the millions.
If his accountant has properly computed the required quarterly estimate payments during the year that could easily be the amount remaining to be paid at tax return time. Since you are a low information Canadian when it comes to US tax structure, here is an explanation of Estimate Taxes from the IRS website: "Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have to make estimated tax payments. If you are in business for yourself, you generally need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax."
Since nearly all of Donald Trumps income, prior to becoming President, came from sources other than Salaries and wages the majority of his taxes were paid through Quarterly Estimate payments, most likely totaling in the millions.
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