Video instructions and help with filling out and completing Where Form 2220 Amend

Instructions and Help about Where Form 2220 Amend

Instead of actually calculating a detailed tax return every quarter the IRS provides an estimated tax worksheet to calculate your estimated tax payments as you calculate your payment each quarter if there are changes in your estimates about the total income you've received so far or that you will receive all year simply update the amounts in the calculation the quarters and related payment due dates for estimated taxes are shown here there are different due dates based on when you began receiving income during the year these include extended due dates for the quarter in which income was first received estimated taxes are reported on line 65 of the individual tax form as a payment all of the submitted tax payments will offset the total tax calculate on your return on line 63 which include your self-employment taxes under the other tax section be sure to maintain a copy of the completed estimated tax worksheet each quarter showing how you calculated the quarterly payment and if it was required or not you do not submit this worksheet with your quarterly tax payment or your tax return but you should keep it for your records you should also write down and document how you made any calculations as this shows good due diligence and good record-keeping habits in the event you are audited or there was a discrepancy to make quarterly estimated tax payments you can pay by check or money order over the phone or online you can also make estimated tax payments by selecting to put your income tax refund directly towards a payment instead of receiving it back personally to pay online go to IRS gov forward slash payments and there you can select whether to pay out of your bank account or using a credit card the IRS is numerous programs to make pains simple for your situation the electronic federal tax payment system abbreviated EFTPS is a service that allows you to pay online or over the phone and this service is operated by the Department of the Treasury so you can register for this service for free either online or by calling them directly if you prefer to make your estimated tax payments old-fashioned way you can write out a check or money order and mail it in with a payment voucher form 1040 v to the address based on your location as explained in the form 1040 V instructions be sure to make the check or money order payable to the US Treasury