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Video instructions and help with filling out and completing Fill Form 2220 Defined

Instructions and Help about Fill Form 2220 Defined

Hi my name is Balaji Jack ma am i practicing intelligent I thought of making a video presentation on estimated taxes penalty so estimated taxes in Aldie in this country United States of America okay the IRS require certain people to pay taxes in advance through the system call estimated taxes so they need to estimate an approximation tax that there is a definition for this approximation which we'll talk later they have to estimate their taxes and they need to pay in advance so the IRS says there are certain people who must pay taxes and those people need to find out how much will be their taxes so they either can work out their actuals and try to pay ninety percent of their current here taxes if they cannot do that they can pay 100 percent of last year taxes if their aga was one hundred and fifty thousand last year which is more than 150 thousand they should pay at least one hundred and ten percent of last year taxes so they'll be okay and they will not pay any taxes if they satisfy this requirement and also certain people at the time of filing taxes after paying all the stimuli taxes in withholding taxes and their liability might be less than one thousand dollars they're okay they will not pay any estimated taxes penalty but if some guys who whose tax liability is more than thousand dollars they are cutting a check for more than one thousand dollars at the time of filing taxes they are in trouble they should have settle this at least before dinner like there's a deadline the four quarters of estimated taxes to be paid at certain deadlines so that's a requirement so if you cannot make estimated tax payments then and if you are an w-2 employee for some company ask your employer to withhold more taxes so that that is the other way you can safeguard your situation at the end of the year and you will be able to avoid penalty and there are certain situation even if you are so careful and still you couldn't avoid paying estimated taxes and try to find if you fall under two criteria that may help you to request penalty abatement waiver conditions are first condition as if you didn't make a record payment because of a casualty even disaster or on other unusual circumstance and it would be neat cuttable to impose the penalty there is one condition second you might have written after reaching age 62 for this case or became disabled during the tax year or in the presenting tax year for which you should have made estimated tax payments and the underpayment was due to reasonable cost and not willful neglect if you satisfy any of these two situation will be able to request for a penalty abatement or waiver on this case and some some a lot of large clan used to ask how much will be the penalty if you don't estimate properly and pay on time it's actually not a the answer is it's not actually a fixed percentage it's it's a variable and to my knowledge it's approximately four percent the foreperson will be calculated on the underpayment or on the whole tax on the underpayment and for the period it was late so that's how it calculates and the foreperson it's an annual rate so it has to be prorated for the month so this is what about this tomato taxes penalty for an individual and also I'm thinking of making an video on estimated taxes for federal C corporation saying also the multi-state companies so I'll try to make that presentation in the next video thank you.

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