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Accounting Examples - Estimated Quarterly Taxes

 

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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 into consideration.

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 account.

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