Estimated taxes Feed

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 →


A recent online conversation among personal finance bloggers underscores just how challenging taxes can be even for folks who regularly deal with money matters. This specific discussion focused on how to pay the appropriate amount of estimated taxes. It's a big concern, since missing a payment or not paying enough can mean bigger tax bills, thanks to penalties and interest. Four extra filings: Estimated tax payments are required when you get income that isn't subject to withholding. This could be income as an independent contractor, investment earnings, prize money or certain gambling winnings. Basically, Uncle Sam expects you to take... 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 →


April 15 is for more than just filing last year's taxes. There are six other individual tax-related tasks that are due today. Ready. Set. Go. 1. Open and/or contribute to an IRA The April filing deadline is the last chance you get to make a contribution to your traditional or Roth IRA and have it count as if you put the money in by last Dec. 31. For some filers, that prior year traditional IRA contribution could count as an above-the-line deduction on Form 1040 or 1040A. And that could help lower their tax bills. 2. Pay your estimated taxes... Read more →


I had a great time today talking with all the wonderful folks at Freelance Austin about taxes. The timing was perfect, too. Not only is January the start of the annual filing season for the prior year's tax returns, it's also time to start thinking about moves to make this year to keep your coming tax bill low. And tomorrow, Jan. 15, is the due date for the final estimated tax payment of 2014. Today's Daily Tax Tip has the skinny on filing estimated taxes. Click voucher image for full Form 1040-ES package as PDF from the IRS. Ways to... Read more →


There are just two days left in the 2014 tax year. That's not much time, but folks determined to save on this year's taxes still have time to make a few year-end moves. I was up at o'dark-thirty this morning to discuss some quick year-end tax tactics with KARN radio. If you weren't up at 6:10 a.m. (and why in heaven's name would you be!?) or aren't in the Little Rock, Arkansas, broadcast area, here's what I talked about (and more). Do you itemize? If so, you have more tax-cutting options than those who claim the standard deduction. Here are... Read more →


It's deadline day for payers of estimated tax. The third installment of these four extra tax filings/payments each each year is due today, Sept. 15. This third 1040-ES payment covers money you got but didn't pay withholding taxes on between June 1 and Aug. 31. Those three months and today's third estimated tax deadline earn 3 the latest By the Numbers honor. But there are other figures that come into account as you figure your estimated tax payments. Amounts used to figure estimated tax: The biggie is your expected adjusted gross income, or AGI, for the year. This includes any... Read more →


Last week I signed onto the Electronic Federal Tax Payment System, known in acronym-speak as EFTPS (eff-tips), and authorized our third quarter estimated tax payment to be made by our bank on Sept. 15. Click image to download full 1040-ES package. I've used EFTPS for eight years and although there were some early bumps, I'm pretty happy with the system. A lot of folks, though, are put off by EFTPS. One of the biggest complaints is that it takes some time for the account to be operational. The IRS has speeded up the process, but if you are thinking today... Read more →


We're well into the second full week of June and you know what that means. Yes, it does mean that time flies, regardless of whether you're having fun. And yes, it also means that parents must figure out ways to deal with kids who are now out of school. But it also means that it's time to pay the year's second estimated tax installment. Click image to download the 2014 Estimated Tax package from IRS.gov This week's Weekly Tax Tip looks at what's involved with these four extra tax payments that lots of folks have to make. Who has to... Read more →


It's one day until the tax filing deadline. Are you panicking yet? Don't. You've got time. Technically, we have a day and a half (sorry for not posting sooner; one of those crazy days) to get our returns done -- and by "we," I mean all y'all planning to send in a 1040 because I've already filed an extension. The Internal Revenue Service accepts as timely filed returns that are postmarked or e-filed by midnight April 15 local time, so that gives you today and tomorrow. To help you cope with any still pending tax issues (remember, tomorrow is the... Read more →


The U.S. tax system is based on the pay-as-you-earn concept. Every worker who gets a paycheck knows this by the amount of income and payroll taxes withheld each payday. If you get money from other sources where withholding isn't in effect, Uncle Sam expects you to take care of your due taxes in a timely fashion, too. The mechanism for this is estimated tax payments. Estimated taxes are paid via four extra payments filed with the Internal Revenue Service using Form 1040-ES. Click image to access the PDF version of Form 1040-ES, including all vouchers and instructions. They are due... Read more →


It's finally here! Everyone's favorite month. The final 31 days in which you can take steps to reduce your 2013 tax bill. What? You thought I was talking about Christmas? C'mon! If you've been reading the ol' blog for the last eight years, you know I started my tax musings by referring to any consideration of taxes as the most wonderful time of the year. And while taxes must share at least 25 of December's days with the big annual gift-giving event, this final month of the year is a great time to give yourself a smaller tax bill. So... Read more →