Six Tips on Making Estimated Tax Payments
Here are six tips from the IRS about making estimated tax payments.
- If you do not have taxes withheld from your income, you may need to make estimated tax payments. This may apply if you have income such as self-employment, interest, dividends or capital gains.
- Generally, you may need to pay estimated taxes in 2013 if you expect to owe $1,000 or more in taxes when you file your federal tax return.
- When figuring the amount of your estimated taxes, you should estimate the amount of income you expect to receive for the year.
- You normally make estimated tax payments four times a year. The dates that apply to most people are April 15, June 17 and Sept. 16 in 2013, and Jan. 15, 2014.
- You should use Form 1040-ES, Estimated Tax for Individuals, to figure your estimated tax.
- You may pay online or by phone. You may also pay by check or money order, or by credit or debit card.
Original Story at IRS website.