Video instructions and help with filling out and completing What Form 2220 Quarterly

Instructions and Help about What Form 2220 Quarterly

Good morning hello I got a mess going on over here already I am severely right-handed and I had the nerve to have my tea it's a tea kind of morning on the left side that was not going to work out very well so I'll give you a moment to get on is it fabulous day to day I'm super excited so if you're watching the recording feel free to skip ahead about a minute or so to get to the content I do post these on my youtube channel as well so if you're watching on YouTube thank you very much and you can skip ahead to but make sure you subscribe so you don't miss anything y'all see up there on my ceiling my my smoke detector started chirping so I had to take that down i gotta change the batteries in that it's that time of year to change the batteries in the smoke detectors so we're usually pretty on it with changing the batteries of the smoke detectors but just not this time good morning good morning so yeah after I get done that's the first thing I gotta fix is get my smoke detector back up in the ceiling because it's driving me absolutely bananas okay so let's get down with the get down good morning our bail out on enough I said good morning so good morning to you so if you look into some travel help miss Arabella is your girl and I have been a terrible terrible client because I can make decisions over here is tax season so at the time of this recording is tax season so I'll blame it on tax stupidity okay so let's get down with the content for today they're getting welcome to the show my name is lissandra ever and I'm your host and i am here monday through friday nine o'clock ish when you tune in my show you hear about lots of things right now you're hearing about a lot of tax topics because it is tax season and people got tax questions and that's what I'm here for to help answer text questions because i am a tax professional today's topic estimated tax payments what the what okay so tax estimated tax payments let me get us in hold on all right what are estimated tax payments all right so let's put it into context for people who work a job good morning Michelle for people who work a job their taxes are withheld and sit to the IRS okay so whatever income you earn on a job it is text and that money is sent to the IRS okay so but there's also other types of income that are not subject to withholding such as your self-employment income business income rental income interest dividends okay all of those types of income are not subject to withholding well if you have a type of income you may be subject to estimated tax payments which means that where most people father taxes once a year and pay once a year the IRS wants to hear from you just a little more often to be exact four times per year so let's go with those days okay so there are again for equal payments the first quarter payments are due april fifteenth generally as in like for 2017 our tax deadline is april eighteenth but normally it's april fifteenth for january through march now the second quarter gets funky because the second quarter covers covers April and May and that's due in June and then the third quarter is June through August and that is due on sep tember 15th and sep tember first through December 31st that deadline is january fifteenth of the following year ok so for equal tax payments now who that's a big question so has got the piggies estimated tax payments okay well it depends it depends on your liability so here we go so as a general rule if your tax liability is a thousand dollars or more you are probably going to have excavated tax payments the following year which means that if it's a thousand the more you're going to have to make four equal payments of two hundred and fifty dollars you know per quarter to cover that excavated tax payments now for self-employed for my home business owners I'm your home business tax lady okay for my home business owners generally the thousand-dollar rule applies to us okay if you're filing a Schedule C sole proprietors and independent contractors if you Oh a thousand dollars or more nine times out of ten you're going to have estimated tax payments now for my folks that have s corporations C corporations or one of my corporate type people if your tax liability is five hundred dollars or more you're going to have estimated tax payments and just for my regular people you say look I'm not a business owner you or anything like that okay well guess what you're not out of the woods either because if you continually 0 then the IRS is going to have you make estimated tax payments throughout the year either you're going to adjust your withholding to start having more money taken out are you going to make estimated tax payments a lot of people you know I guess I have this set of twin neither were twin accountants okay and it took me about three months to realize okay no there's two of them but they were identical twins and they were both accountants but and they both were single and you know and six-figure and had six-figure jobs but instead of them making a estimated tax payments they had more money taken out of their checks so they didn't have to make estimated tax payments so you know at the end of the year they generally wound up owing about five hundred dollars or so it