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Question: How do I know if I have to file quarterly individual estimated tax payments?
Answer: If you owed additional tax for the prior tax year, you may have to make estimated tax payments for the current tax year.
If you are…filing as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return.
If you are…filing as a corporation you generally have to make estimated tax payments for your corporation if you expect it to owe tax of $500 or more when you file its return.
If you had…a tax liability for the prior year, you may have to pay estimated tax for the current year; however, if you receive salaries and wages, you can avoid having to pay estimated tax by asking your employer to withhold more tax from your earnings.
There are special rules for farmers, fishermen, certain household employers, and certain higher taxpayers.
The schedule of estimated tax payments for the year are as follows:
Contact us if you are unsure whether you need to make any estimated tax payments.
About Wendroff & Associates, CPA
Located in Arlington, Virginia Wendroff & Associates, LLC is a full service accounting firm, specializing in Tax Strategy, CFO Consulting, QuickBooks Training and Outsourced Accounting. The firm prides itself on its technological advantage and innovative company culture to provide better service to its clients and partners to help them grow their business or organization and reach their professional goals. Wendroff & Associates, CPA provides smart financial solutions and thinks of its clients throughout the year, not just at tax time. For more information on Wendroff & Associates, CPA visit www.wendroffcpa.com.
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