Estimated Taxes

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2022-12-03 03:43

please pay estimated taxes to avoid paying interest and penalties.

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

Who Must Pay Estimated Tax

Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.

When To Pay Estimated Taxes

For estimated tax purposes, the year is divided into data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="a1198af8-e481-45e4-b35d-c29b4e3fdc5c">four payment periods. You may send estimated tax payments with data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="525fbe55-d5f7-43f2-8450-46ed8d4b4567">Form 1040-ES by data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="576d67fd-15d4-4d3a-8c38-bb38e91490b8">mail, or you can data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="375ad50a-8cda-4b40-8cc1-8cd3facd7307">pay online, by phone or from your mobile device using the data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="e3c5fb58-47ee-4318-aee4-a26a2d9ca765">IRS2Go app. Visit data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="375ad50a-8cda-4b40-8cc1-8cd3facd7307">IRS.gov/payments to view all the options. For additional information, refer to data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="f7e7a698-3217-4690-9cd9-a24de411aea9">Publication 505, Tax Withholding and Estimated Tax.

Using the Electronic Federal Tax Payment System (EFTPS) is the easiest way for individuals as well as businesses to pay federal taxes. Make ALL of your federal tax payments including federal tax deposits (FTDs), installment agreement and estimated tax payments using data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="25ecb27f-cb23-4148-8a92-02cba9785897">EFTPS. If it’s easier to pay your estimated taxes weekly, bi-weekly, monthly, etc. you can, as long as you’ve paid enough in by the end of the quarter. Using EFTPS, you can access a history of your payments, so you know how much and when you made your estimated tax payments.

Corporations must deposit the payment using the data-entity-substitution="pup_linkit_media" data-entity-type="media" data-entity-uuid="45938da9-7403-4d1c-a7f8-9fafb2708e5c" data-extlink="">Electronic Federal Tax Payment System. For additional information, refer to data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="73bfdd02-5f08-43fc-af2a-3d4ed0b9d575">Publication 542, Corporations.

 

VA estimated taxes

https://www.tax.virginia.gov/individual-estimated-tax-payments

 

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