Why Planning estimated tax payments throughout the year is important?
Estimated tax payments help individuals and business owners stay current with taxes throughout the year instead of facing one large bill at filing time.
Missing estimated payments or paying too little may result in penalties and unexpected financial stress when tax season arrives.
Self-employed professionals, freelancers, investors, and individuals with additional income sources should regularly review whether estimated payments are needed.
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Schedule Estimated Taxes Now! Estimated tax is used to pay income tax and self-employment tax, as well as other taxes and amounts reported on the tax return. If the taxpayer does not pay enough through withholding or estimated tax payments, he or she may be charged a penalty. If the taxpayer does not pay enough by the due date of each payment period, he or she may be charged a penalty even if he or she is due a refund when the tax return is filed. The taxpayer does not have to pay estimated tax for the current year if he or she meets all three of the following conditions: The taxpayer had no tax liability for the prior year. The taxpayer was a U.S. citizen or resident for the whole year. The taxpayer’s prior tax year covered a 12-month period. Contact us today to get your taxes estimated!
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