Accounting for Non-Accountants -
Accounting for Non-Accountants is a 20-hour
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Estimated Quarterly Tax
Federal Income Tax is a tax that must be paid as-you-go.
In other words, tax monies for the income you make throughout the year
must be submitted to the IRS on a regular basis during the year and not
in a lump sum at the end of the year. Persons who have income
sources from which income tax is not withheld (i.e. alimony,
self-employment, rent, gains from asset sales, dividends, etc.) may have
to make Estimated Tax payments.
Individuals with a job and no other source of income are
usually covered by what their employer withholds from each paycheck and
do not need to pay quarterly Estimated Tax; although, they too may need
to pay if not enough tax is withheld.
Who Must Pay Estimated Tax
If you expect to owe more
than $1000 in tax (after subtracting your withholding and credits)
at the end of the year and meet certain withholding and credits criteria
then you'll most likely have to pay in. See
IRS Pub 505 for more info.
How to Figure Estimated Tax
First-time filers should use the worksheet on page 4 of
the IRS Form 1040-ES - Estimated Tax for Individuals to figure their Estimated Tax. Use last
years Tax Return as a guide and don't forget to take new tax law changes
Payment Options & Dates
Payments of Estimated Tax are due on April 15, June 15,
September 15, and January 15 (of the next year). If you file your
taxes by January 31 and pay the remaining tax you owe, you do not need
to make the January payment that would otherwise be due on the 15th.
There are special rules for due dates that land on holidays and
weekends. Refer to IRS Pub 505 for clarification.
Payments for Estimated Tax can be submitted by mail along
with a Form 1040-ES payment voucher or by using the
Electronic Federal Tax Payment System (EFTPS). EFTPS enables
tax payers to make payments electronically via telephone, Internet, or
PC software by authorizing a withdrawal from their checking or savings
Tax Books for Small Business
Tax Savvy for Small Business [Paperback]
Develop the best tax plan for
your small business, learn the ins and outs of
the tax code and create comprehensive strategies
to get back the most from the IRS. Understanding
the tax system is vital to the health of every
small business. Virtually every decision a
business makes has tax consequences that can
affect its bottom line -- and the IRS is always