Today, I'm going to be talking about estimated tax payments. Who needs to make them and how I can help. Hey y'all, this is Tracy with Ledger Harmony. I help small business owners by doing their bookkeeping and taxes so that they don't have to worry about it. One thing a lot of small business owners are confused about when they're first starting off is how to pay taxes. This is especially true if you're just transitioning from a W-2 job and you're used to your taxes being withheld from your paycheck and then automatically being remitted to the IRS on your behalf. Now that you're working for yourself, you are responsible for withholding a portion of your income and remitting it to the appropriate taxing authorities on your own. But, if you were curious as to how to do this and looked it up per the IRS instructions, you would see that they're not written for the average business owner and it's about as clear as mud. So, my goal is to help you understand estimated taxes just a little bit better. First, let's talk about who needs to be making these payments. Pretty much anyone that earns income and doesn't have taxes withheld from that income. So, contract work, freelance work, side hustles, and income from your small business. These would all be situations where you may need to make estimated tax payments. The IRS gives us a few exceptions to this rule and tells us that we don't need to make estimated tax payments if: 1. You will owe less than $1,000 for the current tax year, after subtracting any tax withholdings and refundable credits. 2. Your income tax withholding will be at least 90 percent of the tax shown on your current year tax return. 3. Your income...
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2023 1040-es payment voucher Form: What You Should Know
When submitting your payment you will receive a confirmation number. A payment voucher should be sent via the U.S. Mail; OR: Payment by Credit Card on Line (Eton) — You may also pay by paying your bill by credit card online (Credit Card Online) Payment by Check, Money Order, or EFT — You may also mail your payment to: The Office of Estimated Tax, Treasury Department, 100 Constitution Ave., NW, Washington, D.C. 20; 2022 IL-1040-ES Estimated Income Tax Payment for Individuals The Internal Revenue Service expects that taxpayers reporting less than 90,000 will use e-filing. Your payment is due on or before the 15th date of the month following the month in which you made your payment. Once your payment is received, you will receive a confirmation number. 2022 IL-1040-ES Estimated Income Tax Payment for Individuals Do You Pay Online? If you pay online, make sure the correct account is selected and all your personal information is correct; If you made your payment online, but received a “Payment Confirmation”, you may not have registered for e-filing yet. If you are unable to locate the e-payment instructions on your online payment transaction form you may contact us for assistance. If your payment method fails due to an error, you will not be able to receive a payment until you contact us to resolve the problem. Do you make estimated tax payments? YES ! You may pay by: Paying with VISA, MasterCard and Discover Pay by Check, Money Order or Cash How Does Estimate Tax Work: Estimated Tax is due every March Filing due dates are due on April 15 or sooner with a penalty amount of 1.099% due on the amount over 470,000. You may pay either online or by mail. Click on your billing period to see your tax due date, or by phone or mail to 866.699.9777. Click on your billing period to see your tax due date or call 866.699.9777. Estimated Tax is not subject to IRS penalties or interest.
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Video instructions and help with filling out and completing 2024 form 1040-es payment voucher
