Home     About Us    Contact Us     Contribute     Privacy
Mutual Funds
Related Articles
Related Definitions
Related Categories
Tip of the Day

Tip of the Day Get a Better Cell Phone Plan

Get a Better Cell Phone Plan - Cell phones are so popular today you can customize your plan to suit your needs and if you have not updated your cell...

read entire tip

Related Podcasts
Recently Added
Other Great Sites

Irs Estimated Tax Forms

Most income in the United States is subject to withholding. What that means is that your employer automatically deducts taxes from your paycheck based on the tax status you claim. There are a lot of different types of income though that are not subject to automatic withholdings like prize money, lottery winning, interest or dividends on investments, alimony, rent, gains, and self employment. Estimated tax is that amount of tax paid on both income that is subject to withholding and income that is not. If you do not pay enough estimated tax, you are subjected to penalties.

In order to use an IRS Estimated Tax form there are things you must first consider. Are you even eligible to pay an estimated tax? If you expect to own more than one thousand dollars after your withholdings, you are eligible to pay estimated tax. This holds true for individual, sole proprietors, corporations (although for corporations the amount is $500 rather than $1000). If you have a refund due to you, but expect that you will owe the following year, you can have your refund applied to your next income tax return so that you do not have to worry about it. This is another form of paying estimated tax.

Not everyone will need an IRS estimated tax form. If you are a U.S. citizen, your taxes are for the previous 12 months, and you have no prior tax liability (you do not owe previous taxes) then you do not need to pay estimated taxes. There are different requirements based on whether or not you are filing as an individual or a corporation so be sure to check with the person who does your taxes for you.

In the event that you are filing your taxes first and want to use an IRS estimated tax form to figure what you need to pay the first thing you will need to do is figure out your income (this includes tax already paid, credits, and actual taxable income). This is where the form comes in handy. The form allows you to keep track of these numbers in an ordered manner that makes sense. You need to check when your estimated tax is due also because there are four times yearly to pay this and you need to know what date to pay. Like most tax situations, if you are planning on using an IRS estimated tax form to help with your taxes your best bet is to pay someone to do it professionally.

Discuss It!

best indoor grill for chicken said:

When you begin researching for the best indoor grill on the market, you can find a lot of information. You can look at reviews what other customers have written.

essay writing service said:

Oh wow the stock market has changed and fluctured a lot since i last checked this site, i do essay writing service so i need to be on top of such information otherwise i would have to suffer a lot!

quadcopters for sale said:

Well i a m glad that you provided the whole information on the stock market senario but do you have anything on quadcopters for sale? If do please do post about that here as well, thanks that would be great!

Writing Victors said:

Life holds such a generous number of essential blessings, reliably bringing its own specific individual consider. thankful to you such an incredible sum for giving this post.keep posting.

Proessay.co.uk said:

In the event that you put stock in others and give them a positive notoriety to maintain, you can enable them to wind up noticeably superior to anything they to think they are, a debt of gratitude is in order for stunning post, keep it up.

Assignment Services UK said:

I like this site, its truly staggering, There has never been another you. With no exertion on your part you were destined to be something exceptionally extraordinary and set apart. What you will do in valuation for that blessing is a choice no one but you can make.

Singapore Assignement Help said:

We are a trusted brand and reliable name in providing quality assignment writing help to the students. Email us your assignment queries at info@singaporeassignmenthelp.com

paytm recharge offers said:

paytm recharge offers Due to the current campaign in India to make all transactions cashless

write my assignment ireland said:

IrelandAssignmentHelp.com provides specialist writers for write my assignment ireland whereby students of Ireland to easily get help in write my assignment ireland .

write my assignment ireland said:

IrelandAssignmentHelp.com provides specialist writers for write my assignment ireland whereby students of Ireland to easily get help in write my assignment ireland .

Most Popular Articles
Most Popular Definitions
Daily Definition

Definition of the Day Relative Value

Relative Value - Relative Value is a unique measurement tool used by many in the investment word to weigh the value of one investment stock to another. Many are compared by the use of bundling to establish a self worth over a short period of time against another stock of...

read entire definition




Home     About Us    Contact Us     Contribute     Sitemap


Copyright © 2009 TeenAnalyst.com