Estimated tax is the method
used to pay tax on income
that is not subject to
withholding. This includes
income from self-employment,
interest, dividends,
alimony, rent, gains from
the sale of assets, prizes
and awards. You also may
have to pay estimated tax if
the amount of income tax
being withheld from your
salary, pension, or other
income is not enough.
Estimated tax is used to pay
both income tax and
self-employment tax, as well
as other taxes and amounts
reported on your tax return.
If you do not pay enough
through withholding or
estimated tax payments, you
may be charged a penalty. If
you do not pay enough by the
due date of each payment
period you may be charged a
penalty even if you are due
a refund when you file your
tax return.
The payments are due April 15, June 16,
Sept. 15 and Jan. 15.
Sole proprietors, partners,
and S corporation shareholders -
You generally have to make estimated tax
payments if you expect to owe tax of
$1,000 or more when you file your
return. Use Form 1040-ES, Estimated Tax
for Individuals, to figure and pay your
estimated tax. For additional
information, refer to Publication
505, Tax Withholding and Estimated Tax.
If you fail to pay enough on each
installment due date, you may be subject
to the penalty for underpayment of
estimated tax even if your return shows
a refund.
If you pay in as much as your tax
liability for the previous year, you can
pay your balance due without penalty
when you file your return, regardless of
the amount. See below if your prior-year
income was high.
Here at TaxReturnRefunds.com we provide US tac help for anyone living in any of the following states and overseas,
Alabama AL, Alaska AK, Arizona AZ, Arkansas
AR, California CA, Colorado CO, Connecticut
CT, Delaware DE, District of Columbia DC,
Florida FL, Georgia GA, Hawaii H, Idaho
ID, Illinois IL, Indiana IN, Iowa IA, Kansas
KS, Kentucky KY, Louisiana LA, Maine ME,
Maryland MD, Massachusetts MA, Michigan
MI, Minnesota MN, Mississippi MS, Missouri
MO, Montana MT, Nebraska NE, Nevada NV,
New Hampshire NH, New Jersey NJ, New Mexico
NM, New York NY, North Carolina NC, North
Dakota ND, Ohio OH, Oklahoma OK, Oregon
OR, Pennsylvania PA, Rhode Island RI, South
Carolina, South Dakota, Tennessee TN, Texas
TX, Utah UT, Vermont VT, Virginia VA, Washington
WA, West Virginia WV, Wisconsin WI, and
Wyoming, WY
TurboTax
Turbo Tax Tax Return Online Products
TaxCut
Tax Cut Support and Products From H&R Block
Tax Debt Solutions Free Consultation, Express Tax Relief
© Reprint Rights
Granted When Printed In Full With Active
Links Intact
