Did you pay enough to Uncle Sam so far this year? If you had a good year, as many have, you better consult with your CPA now if you don’t like surprises at tax time.
http://www.irs.gov/Businesses/Small-Businesses-%26-Self-Employed/Estimated-Taxes
I have recently…I had a great year, but it looks like I’ll owe a few bucks.
You’ll pay interest if you underpay your fair share.
You will pay a penalty. The penalty is not that much in the grand scheme of things. I think we paid under $200 last year for “underpayment”. Also, if this is your first year of underpayment, there is usually no penalty.
I actually pay myself on payroll, and make payments all year. I’ve yet to severely underpay and get a penalty, my wife is the accountant she handles it
I also pay myself weekly payroll and profit distributions (which are taxed differently).
The capital gains we took this year is what put us in a higher tax bracket.
Yes I take a regular steady salary, and owner disbursements above that separate too.