Estimated Tax Payments | TaxConnections

10 Sep 2020

Third Quarter Estimated Tax Payments Due September 15th

The Internal Revenue Service reminded the self-employed, investors, retirees and others with income not subject to withholding that third quarter estimated tax payments for 2020 are due Sept. 15.

Taxes are paid as income is received during the year through withholding from pay, pension or certain government payments such as Social Security or unemployment; and/or making quarterly estimated tax payments.

Who should pay quarterly?

Individuals, including sole proprietors, partners and S corporation shareholders, generally make quarterly estimated tax payments if they expect to owe $1,000 or more when their tax return is filed. Taxpayers with income not subject to withholding, including interest, dividends, capital gains, alimony and rental income, normally make estimated tax payments.

Written by IRS | Posted in Estimated Tax Payments • IRS Notice

04 Jan 2016

Important Tax Dates and Tax Payments, Tax Season Begins (January 2016)

Individual Due Dates

January 4 – Time to Call For Your Tax Appointment –

January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes too crowded.

January 11 – Report Tips to Employer –

If you are an employee who works for tips and received more than $20 in tips during December, you are required to report them to your employer on IRS Form 4070 no later than January 11.

January 15 – Individual Estimated Tax Payment Due –

It’s time to make your fourth quarter estimated tax installment payment for the 2015 tax year.

Written by Barry Fowler | Posted in Tax Dates • Tax Payments • Tax Planning • Tax Return • Tax Tips

22 Dec 2015

15 Best Year End Tax Tips To Activate Before Midnight December 31st

The 15 Best Year End Tax Tips To Activate Before Midnight December 31st are as follows:

1. You may want to pay contested taxes to be able to deduct them this year while continuing to contest them.

2. You may want to settle an insurance or damage claim in order to maximize your casualty loss deduction.

3. Give generously to both family and friends. Rich families stay rich by aggressively giving their money away to members in their clan. Remember you cannot take it with you when you go.

4. Make gifts sheltered by the annual gift tax exclusion before the end of the year to save gift and estate taxes. The exclusion applies to gifts of up to $14,000 made in 2015 to each of an unlimited number of individuals. Read More

Written by John Dundon | Posted in Tax Tips

09 Sep 2014

6 Tips On Making Estimated Tax Payments

If you don’t have taxes withheld from your pay, or you don’t have enough tax withheld, then you may need to make estimated tax payments. If you’re self-employed you normally have to pay your taxes this way.

Here are six tips you should know about estimated taxes:

1. You should pay estimated taxes in 2014 if you expect to owe $1,000 or more when you file your federal tax return. Special rules apply to farmers and fishermen.

2. Estimate the amount of income you expect to receive for the year to determine the amount of taxes you may owe. Make sure that you take into account any tax deductions and credits that you will be eligible to claim. Life changes during the year, such as a Read More

Written by Peter Flournoy | Posted in Income Tax • Individual • IRS • Tax Tips

10 Jun 2014

Estimated Tax Payments Due June 16th!! Don’t Forget!

Tips On Making Estimated Tax Payments

Here are six tips you should know about estimated taxes:

1. You should pay estimated taxes in 2014 if you expect to owe $1,000 or more when you file your federal tax return. Special rules apply to farmers and fishermen.

2. Estimate the amount of income you expect to receive for the year to determine the Read More

Written by Peter Flournoy | Posted in Income Tax • Individual • IRS • Tax Deductions • Tax Tips