Tax Facts

Estimated Payments

Happy New Year!  If you expect to owe $1,000 or more when you file your return for 2014, you should make estimated payments to the IRS. This applies whether or not you are self-employed or have taxes withheld by your employer. If you are self-employed, you normally have to pay your taxes this way.

Some tips on making estimated payments on your income: Estimate your income for the year. Make sure you take into account any tax deductions and credits that you will be eligible to claim. If you had any recent life changes, such as a pay increase, a marriage or divorce or birth/adoption, these may affect the amount of taxes you may owe.

In general, estimated tax payments occur four times a year: April 15, June 15, Sept 15 and January 15 are the dates that apply to most individuals.

Did you know you can pay the IRS by phone or online?  The IRS has an "electronic payment option" on their website or use Form 1040-ES.

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