{"id":4351,"date":"2023-04-14T14:31:05","date_gmt":"2023-04-14T14:31:05","guid":{"rendered":"https:\/\/oandgaccounting.com\/staging\/?p=4351"},"modified":"2023-09-14T06:41:17","modified_gmt":"2023-09-14T06:41:17","slug":"tax-day-not-just-for-procrastinators-but-for-estimated-tax-payers-too","status":"publish","type":"post","link":"https:\/\/oandgaccounting.com\/staging\/tax-day-not-just-for-procrastinators-but-for-estimated-tax-payers-too\/","title":{"rendered":"Tax Day: Not Just for Procrastinators, but for Estimated Tax Payers Too!"},"content":{"rendered":"
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Hey, folks! As you’re probably aware, Tax Day (April 18) is fast approaching. But did you know it’s not just for last-minute filers? That’s right; it’s also the deadline for the first quarter estimated tax payments<\/a> for the 2023 tax year. Let’s take a look at who this affects and how to make these payments, without getting lost in the tax jargon.<\/p>\n

Estimated Tax Payments: Who Needs to Pay?<\/strong><\/p>\n

Think of estimated tax payments as a pay-as-you-go plan for folks who don’t have taxes withheld from their paychecks or other income sources. This includes self-employed individuals<\/a>, retirees<\/a>, investors, businesses, corporations<\/a>, and even employees who don’t have enough taxes withheld by their employers. Basically, if you’ve got income that isn’t subject to withholding, it’s time to pay up.<\/p>\n

Exceptions and Special Circumstances<\/h2>\n

Not everyone is subject to the penalty for not making estimated tax payments. Some lucky groups, such as farmers, fishers<\/a>, recent retirees, and disaster victims, have special rules and exceptions. And if you’ve been affected by recent disasters in California, Alabama, or Georgia<\/a>, for instance, you’ve got until October 16, 2023, to make your 2023 estimated tax payments.<\/p>\n

Paying Estimated Taxes: It’s Easier Than You Think<\/strong><\/p>\n

No need to stress about making estimated tax payments. The IRS has a handy Form 1040-ES<\/a> with instructions to help you figure out your estimated taxes. Plus, you can make payments electronically at IRS.gov\/payment<\/a>s.<\/p>\n

For a seamless payment experience, use the IRS online account<\/a>. There, you’ll see your payment history, pending payments, and other useful tax info. You can also use IRS Direct Pay<\/a>, Debit Card, Credit Card, Digital Wallet<\/a>, or the Treasury Department’s Electronic Federal Tax Payment System (EFTPS)<\/a> to make payments.<\/p>\n

If you prefer the old-fashioned way, you can write a check to the “United States Treasury.” Just be sure to get it in the mail in time!<\/p>\n

Extra Resources for the Extra Curious<\/h2>\n

Still not sure if you need to make estimated tax payments? Check out Publication 505<\/a>, Tax Withholding and Estimated Tax, for more details, worksheets, and examples. It’s especially helpful if you have dividend or capital gain income, owe alternative minimum tax<\/a> or self-employment tax, or have other special situations.<\/p>\n

To make sure you’re withholding the right amount from your paycheck, use the IRS Tax Withholding Estimator tool<\/a>. It’ll help you avoid any unpleasant surprises at tax time.<\/p>\n

Tax Help Around the Clock<\/h2>\n

If you need more assistance, IRS.gov<\/a> has got you covered 24\/7 with online tools like the Interactive Tax Assistant<\/a>, Tax Topics, and Frequently Asked Questions. And don’t worry if English isn’t your first language \u2013 the IRS now offers resources in 20 other languages<\/a>. Just visit their “We Speak Your Language<\/a>” page to get started.<\/p>\n

So, mark your calendars, estimated tax payers. April 18 isn’t just for last-minute filers; it’s for you too. Get those payments in on time, and you’ll be smooth sailing into the next tax season!<\/p>\n