September 3, 2014
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.
If you do not pay enough through withholding or estimated tax payments, you may be charged a penalty. If you do not pay enough by the due date of each payment period you may be charged a penalty even if you are due a refund when you file your tax return.
For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. The September Due Date is Fast Approaching.
If a payment is mailed, the date of the U.S. postmark is considered the date of payment. The payment periods and due dates for estimated tax payments are as follows:
April 15, 2014
June 16, 2014
**September 15, 2014**
January 15, 2015
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Was your 2016 Schedule A, line 9 close to or in excess of $10,000 ?
For most of our clients and friends the answer is YES.
An item that you may have control over as 2017 comes to a close are taxes paid.