I believe I knew this -- probably even learned it in Fed Tax -- but it had slipped my mind until recently.

The US government does not like having to wait for its money.

Hence, the reason why those of you who get steady paychecks (lucky stiffs) and have to report to work at a prescribed time every day (hehehehe I'm ahead of you there) have taxes withheld from your paycheck.

I, on the other hand, write my own paychecks, couldn't calculate withholding to save my life, and hence do not have that deducted from my paycheck.

Instead, the federal government can wait until April 15 every year to get a chunk of change from me, right?

WRONG.

They're impatient little SOBs. So, they take a look at your tax return for last year, call whatever you're paying for last year what you'll pay for this year, divide it into four, and say, "Send us four payments!"

Quarterly.

On the fifteenth of the first month after the quarter ends.

Which means that today, I get to send in 125% of my income tax bill. Woo-hoo!

The thing I really object to? My income is likely to steadily increase over the years. (Rubs worry beads....prays...) So, my tax bill next year will be larger than this year. Meaning that what I will send them this year won't really be enough to take care of next year's (although it will, one hopes, ease the pain somewhat.)

I realize there's not really a better way to do it, but still...if I have a year where I lose money, can I ask the government to send me my refund in four quarterly installments?

Didn't think so.