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Six Tips on Making Estimated Tax Payments

Here are six tips from the IRS about making estimated tax payments.

  1. 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.Tax Computer Keys Showing Taxation And Online Payments
  2. 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.
  3. When figuring the amount of your estimated taxes, you should estimate the amount of income you expect to receive for the year.
  4. 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.
  5. You should use Form 1040-ES, Estimated Tax for Individuals, to figure your estimated tax.
  6. 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.

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