Estimated taxes Feed

April 17 is Tax Day 2018. That means, of course, that tax returns for last year are due. But other tax tasks also share the annual April deadline. A big one for millions of taxpayers is the filing of the year's first estimated tax payment. Estimated tax payments are made by folks who have income that isn't subject to withholding. This typically is money made from full-time self-employment, side hustles, investment income and/or prize or gambling winnings (which is often like investing, but I digress). An earlier post has the scoop on these four extra tax payments. For today's purposes,... Read more →


Tax Day is less than a week away. But finishing up your 2017 Form 1040 is not the only tax task facing millions of Americans. Here are 10 tax matters that must be taken care of by April 17. 1. File your 2017 tax year federal tax return. Yeah, I started with the easy (so to speak), obvious one. But it is the reason for the tax season. If you don't get your return into or on the way if snail mailing by Tax Day, the late-filing penalty is 5 percent of the additional taxes owed amount for every month... Read more →


Welcome April, the Internal Revenue Service favorite month. It's when millions of us file our returns and, despite the billions of dollars in refunds that are sent (eventually), many filers also settle up with Uncle Sam. Those folks who owe tend to be the ones who enter April with tax tasks still to complete. If you're one of the procrastinators, here are some things your absolutely must do by Tuesday, April 17, again because the Emancipation Day federal holiday is celebrated in the IRS headquarters' home of Washington, D.C. That's two more days than usual, but not enough if you've... Read more →


Image courtesy 401kCalculator.org via Flickr Ah, January! A new year, new challenges, new opportunities and old tax tasks. The Internal Revenue Service doesn't give us much time to settle into a new tax year. In fact, it's right there, barely two weeks in, reminding many of us that we have a major tax obligation from the prior tax year to take care of or else. I'm talking, of course, about estimated taxes. These four extra tax payments are made by folks who get income that doesn't have income taxes withheld. If you don't pay, or don't pay on time, you'll... Read more →


Happy Labor Day. While many Americans are working on this holiday, others are fortunate to have off this first Monday in September. Whether you're working or not most likely depends on the type of employee you are. The Fair Labor Standards Act (FLSA) does not require employers to pay employees for time not worked, such as vacations or holidays, writes Susan Heathfield for The Balance. Different jobs, different days off: Salaried employees in exempt professional, technical or managerial positions expect paid holidays. Nonexempt, or hourly, employees are less likely to have paid holidays, or they receive fewer such days off... Read more →


I don’t know about you, but I am glad to see August gone! It was a horrible, awful, no-good month for too many of my fellow Texans. We're counting on you, September, with your promise of cooler temperatures and return of routines, like the kiddos' going back to class, to get us to a better place. Among the things to think about as fall nears is, of course, taxes. Here are four quick tax tasks to consider this month. File your 2016 taxes: For the first time in years, I'm heading into fall with my prior year return already in... Read more →


It may be summer, but for some folks, Tax Day is coming up again on Thursday, June 15. That day is the deadline that millions of Americans face to pay their second estimated tax amount for the 2017 tax year. It's also the due day for U.S. taxpayers living abroad to file their 2016 tax returns. Estimated tax time again: The U.S. tax system is based on the premise that the U.S. Treasury gets its portion of individual taxes as we earn our money. For most of us, that happens via payroll withholding from our checks that we get from... Read more →


Regardless of your thoughts, political or otherwise, when it comes to L'affaire Comey, most of us can relate to the recently fired FBI director. Like James Comey, we've at some point been out of job, either by our choice or because we, too, were let go. If that happens to you, here are five steps to take. And, of course, there are tax implications for each of the post-job moves. 1. File for unemployment. If you lose your job through no fault of your own, for example, a corporate downsizing, you should be eligible for unemployment. Depending on the circumstances,... Read more →


Every journalist, regardless of his or her beat, follows a time-honored template in crafting stories. Each article should tell readers the who, what, when, where, why and how of the selected topic. Answers to those six questions are perfect for detailing the intricacies of estimated taxes. The first estimated tax payment for the current tax year is due every April on the same day that our annual tax returns must be filed. Yep, that means next Tuesday, April 18. With that tax double due date looming for some, here are the answers to the 5 Ws and 1 H of... Read more →


Hello, 2017. For some of us, you sure took your sweet time. Others think you arrived a tad too soon. Few of us, however, are as ready to get our taxes as done-diddly-done as is Ned Flanders, Homer Simpson's annoying cheery neighbor. If you click the image, you'll see a GIF that gives you a good idea of Ned Flanders' obsessive-compulsive tendencies. While even a dedicated tax geek like myself thinks Neddie is a bit too filing gung-ho for the first day of the New Year, we all should take advantage of January's 31 days to get our 2016 taxes... Read more →


How's your first sort of full week of September going? The "sort of" question qualification comes, of course, because this week is short, at least for many workers, because Monday was Labor Day. September Bliss via HD Wallpapers Does anyone else find it intriguing that many of us celebrate a holiday commemorating work by taking the day off from our jobs? Even I, a self-employed person, took advantage of Labor Day to be lazy. But now it's time to get back to the grind, even -- especially -- when it comes to taxes. Here are some things you might want... Read more →


June is jam-packed with special days. It kicks off with the official start of the Atlantic/Gulf of Mexico hurricane season, which seems a bit late since we've already seen two storms form this year. Then there's Flag Day, Father's Day and the arrival, here in the Northern Hemisphere, of summer. And I'm not even counting things like today's National Doughnut Day and all the June weddings that will be special calendar dates for those happy couples. And yes, there are some tax connections to all those days. They are duly noted over in the ol' blog's right column, just under... Read more →


Tax Day 2016 is a week away. That's seven days to take care of your annual tax duty. It also means you have seven days to complete some other tax-related tasks that have an April 18 deadline, too. Here are eight tax tasks to take care of in this final filing week. The Beatles' most famous tax-related song is Tax Man, but for this post, Eight Days a Week works, too. Click image to watch the YouTube video of the more-than-a-week-long song. 1. File your 2015 tax year federal tax return. If you miss this deadline by more than 60... Read more →


Paying taxes isn't voluntary. That's why there's payroll withholding to take the money out of our wages before we get our checks. Don't pay your taxes or file late and you'll be hit with a tax penalty. But the Internal Revenue Service does rely on taxpayers to voluntarily file a return every year and if enough tax hasn't been withheld, pay any added amount that's due. The process is a bit different for self-employed folks. Here the IRS expects estimated tax payments (generally four a year via Form 1040-ES) in addition to an annual Form 1040. Good tax citizenship, however,... Read more →


I know all y'all are fixated on tonight's $1.5 billion Powerball drawing and that lottery jackpot's tax implications. But many of you -- including me! -- also must remember to meet the deadline for our final 2015 estimated tax payment. That's coming up on Friday, Jan. 15. Today's Daily Tax Tip has the skinny on paying estimated taxes. You also can read more about calculating these four extra tax payments here. Paying on untaxed income: Estimated tax payments are required when you get income, both earned (for example, self-employment as your main source of income or from side jobs to... Read more →


Marriage means doing things together, even things you hate, like visiting the in-laws, cleaning out the garage and filing taxes. You might be able to let those first two slide, but when it comes to taxes, no such luck. Most couples file a joint tax return. That single Form 1040 is a legal document and if you ignore filing it or mess it up, you'll face consequences worse than your spouse's wrath. Her forced smile makes me think she's not buying what he's saying as they work together on their joint tax return. The Internal Revenue Service considers both spouses... Read more →


NOTE: This post was updated Wednesday, Nov. 1, 2017 Each year, the Internal Revenue Service assesses estimated tax penalties against millions of taxpayers. This added money typically is due the IRS when a taxpayer pays too little total tax during the year. The penalty is calculated based on the interest rate charged by the IRS on unpaid tax. In 2015, the average estimated tax penalty was about $130. The IRS says it's seeing more taxpayers run into the estimated tax penalty. The number jumped about 40 percent from 7.2 million in 2010 to 10 million in 2015. Even when individuals... Read more →


Looking for something to do this weekend? The Internal Revenue Service has some suggestions. If you pay estimated taxes or are a civilian or military taxpayer living outside the United States, you should spend the coming Saturday and Sunday working on your taxes since they're due Monday, June 15. Yeah, I know. It's not really the start of summer celebration you were hoping for. But it's one that must be heeded or you'll find yourself owing Uncle Sam more. Here's the calendar scoop. Estimated taxes If you get income that's not subject to payroll withholding, you need to make these... Read more →


Weather claims, estimated taxes and more June tax tasks

Texas is finally drying out. For millions of Texans, the extraordinarily wet May was welcome. Rivers are running again and many Lone Star State lakes are finally full(er) after years of drought. After the Trinity River came out of its banks, the herd in the video above was safely moved to higher, drier land thanks in part to an impromptu cattle drive through the small town of Dayton, Texas. But in other cases, there was no escape from raging water. Several areas in Texas, Oklahoma and other Plains States suffered the deadly side of Mother Nature. Tax help for disaster... Read more →


I once worked for a company that was waaaaaay into scheduling. I mean years and years ahead scheduling. It always cracked me up when I was asked to put such long-term appointments in my datebook. Sure, I'll mark my calendar and be around then…maybe. Dates, however, are crucial to taxes. Miss one and, if you owe Uncle Sam, you'll owe him even more. Tax Day 2016 is April 18: So it's no surprise that the Internal Revenue Service is already announcing a tweak in connection with the 2016 tax filing deadline. At issue is a confluence of tax deadlines and... Read more →