For those who make estimated tax payments, it is that time of year again! June 15 th is the due date for second-quarter estimated taxes.
Anyone who makes significant amounts of money that do not have taxes withheld from it should consider making estimated payments. This usually occurs when people are self-employed or have considerable investment income from stock sales or business investments. But it can be caused by any taxable event, such as winning at the track.
It is essential to pay your estimated taxes on time, or Uncle Sam can get upset. Even if you pay all the taxes you owe before the end of the year, you can still be hit with underpayment penalties if the taxes were not paid promptly. If you owe $5,000 in income taxes for the year, you can’t just pay it all on December 31 st . (Income taxes withheld from W-2s are always considered paid on time.) Keep track of the amount and date of your payment to be reported accurately when your tax return is prepared.
So, use this time to make sure that you paid your first quarter taxes (and if not, pay them now) and pay your second-quarter estimates. You will be thanking yourself when you get your tax return back next year. And if your tax situation has changed and you believe the estimates given to you are no longer accurate, let your tax preparer know, and they can advise you on what you should pay.
Jennifer Thonert
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