Estimated Taxes – Who, How and When

FROM THE SMALL BUSINESS AND SELF-EMPLOYED DIVISION AT IRS.GOV - If the amount of income tax withheld from your salary or pension isn’t enough, or if you receive extra income throughout the year, you may have to make estimated tax payments. Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If you don’t … [Read more...]

Estimated Taxes for Business Owners

April 1 may be April Fool’s Day, but April 15 might be considered April’s cruel day. Not only did you have to pay any income tax due for the previous year, you may have also had to make an estimated tax payment for the current year. A poor estimate might result in either an underpayment that triggers a penalty or an over-payment that deprives you of valuable cash … [Read more...]