Question: I have gains from stock market. Do I have to pay taxes for gains to Uncle Sam throughout the year or year end? My gains are over $10,000. I dont want to pay a fine because I did not pay taxes throughout the year. I would like to wait till end of the year and then pay the taxes when I file my 2006 taxes by April 15 of 2007. Is this ok or do I need to pay estimates taxes as I go along?

Answer: No you don't have to pay through out the year.  You can pay when you file by 2007, but be aware if you don't have all the money to pay by April 15, penalty and fines will still accumulate even if you file an extension. So be ready to PAY! And yes it will hurt. So don't be surprised. That's why a lot of people have the maximum taken out so they don't owe.
This question from the Yahoo Q&A forum is categorized in the topic: Family & Relationships