Tax Time For Quarterly Payers
As a reminder, 3rd quarter estimated taxes are due SOON!
It's that time of the year when another estimated tax payment is due to the IRS and state entities. There can be much confusion around who needs to file, but it can be summed up briefly.
The IRS and state taxing authorities want tax money more often than annually when you file your taxes on a yearly basis. So if you end up owing money on your yearly PERSONAL taxes you shouldn't wait until then to pay that amount. Instead they you might consider paying your taxes quarterly. If you don't taxing authorities may asses penalties for underpayment of tax due throughout the year.
Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, or if they paid at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.
It can be difficult to assess the need for filing quarterly but our qualified staff at DP Financial & Tax is here to help. Feel free to contact us to go over your estimated tax needs and we can look at your individual needs. It may be necessary to perform some tax planning to decide if you need to send in money for this quarterly payment.
Those who need to pay quarterly have to keep up with the following dates:
April 15th - 1st Quarter Estimated payment due
June 15th - 2nd Quarter Estimated payment due
September 15th - 3rd Quarter Estimated payment due
January 15th - 4th Quarter Estimated payment due
Third Quarter 2017 Estimated Payments are due September 15th, 2017. If you pay your taxes quarterly, be sure to make this payment in order to avoid potential penalties or interest. Go to the "Forms/Links" section of our website by clicking HERE to download the IRS and/or Oklahoma estimated tax vouchers. Make sure your estimated payments are postmarked by the 15th so your payment will be acknowledged by the IRS as being on time.
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