1040-ES Archives - Milliken, Perkins & Brunelle

Do you owe estimated taxes? If so, when is the next one due?

0 Comments

August 6, 2024 Kevin Brunelle 1040-ES, estimated tax, self employment tax, underpayment penalty

estimated tax payments

Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains, a pension or other income that’s not covered by withholding.

Estimated tax payments: Who owes them and when is the next one due?

0 Comments

August 9, 2022 Kevin Brunelle 1040-ES, estimated tax, underpayment penalty

estimated tax

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains or other income. Here are the applicable rules for paying estimated tax without triggering the penalty for underpayment.