Tuesday, May 26, 2015

Quarterly Estimated Tax Payments

When I prepare your tax returns, I include your estimated tax payment coupon vouchers, and envelopes with the returns.

We make it simple and easy, just remember to send in the check. (I am working on an automated reminder system that will hopefully be in place soon for those who are absent minded)

Perhaps you sell some stock at a large gain, or other financial circumstances change during the year, you should contact me to adjust your quarterly estimated tax payments to avoid surprises next April.  

If I have not prepared your tax returns, and you need to know about estimated tax payments, here are the basics:

If you are Self Employed and expect to owe more then $1,000.00, you should make quarterly estimated tax payments

Quarterly Payments are due:

First Quarter - April 15
Second Quarter - June 15
Third Quarter - September 15
Fourth Quarter - January 15

There is a really simple and accurate calculator at the H&R Block website

The calculator does not cover State or Local income taxes.

The coupons you can use to send in your estimated tax are at the IRS Website

If you are planning to become a tax client next year, contact me for additional assistance.

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