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

Instructions and Help about Where Form 2220 Quarterly

Hi welcome to kimber express tax tax tips of the week today we're going to talk about paying estimated taxes we have a lot of folks to come in and they end up owing big tax bills at the end of the year and they ask about how to file their taxes quarterly so that at the end of the year they won't have such as a big tax bill they're paying them estimated each quarter before the end of the year happens so the thing that's important to remember is you need to pay estimated tax payments if you're going to owe over a thousand dollars in taxes once you get over a thousand dollars you'll be issued penalties towards your tax bill that you should have filed or throughout the year so make sure if you owe a thousand dollars that you're going to be paying that quarterly beforehand another thing to consider out is that you do need to pay them quarterly you pay them four times a year if you want to figure out how to do that the easiest way is if you owe tax is typically the same amount every year take what you owed last year / for make those payments the other thing you can do is take whatever profit or income you have this year that's not been taxed and just put that into your tax software or however you figure your taxes see what your tax return is going to be or what your tax payment is going to be at the end of the year divide that by four and send an estimated payment to the IRS estimated payments are due april june September and January all on the fifteenth of each of those months so you need to make sure you get those payments in on time you can make your estimated payment online by phone or he can mail in the forms if you want to do it online make sure you go to the ww IRS gov govt and there's links on there how to make those payments as well as how to make them by phone if you're going to mail in your form your cheque payment you're going to use form 1040 es for estimated payments and you're going to send a check or money order in with that payment as always remember if the IRS ever contacts you by phone or by email saying that you owe taxes or by for any other information know that it is a scam the IRS will never contact you by phone or by email so hopefully you found this tip helpful and that you can make your estimated payments and avoid penalties later thanks and have a great day