Where Form 2220 Quarterly 2023-2024

Hi, welcome to Kimber Express Tax Tips of the Week. Today, we're going to talk about paying estimated taxes. We have a lot of folks who come in and end up owing big tax bills at the end of the year. They ask about how to file their taxes quarterly, so that they won't have such a big tax bill at year-end. They want to pay estimated taxes each quarter before the end of the year arrives. The important thing to remember is that you need to pay estimated tax payments if you're going to owe over a thousand dollars in taxes. If you owe over a thousand dollars, you may face penalties towards your tax bill that should have been filed throughout the year. So, make sure that if you owe a thousand dollars, you pay that amount quarterly beforehand. Another thing to be aware of is that you do need to pay your estimated taxes quarterly. You pay them four times a year. The easiest way to figure out how to do that is if your owed tax amount is typically the same every year, take the amount you owed last year and divide it by four. Make those payments accordingly. Alternatively, you can take your current year's profit or income that hasn't been taxed and input that into your tax software or however you calculate your taxes. See what your tax return or tax payment will be at the end of the year. Divide that amount by four and send an estimated payment to the IRS. Estimated payments are due in April, June, September, and January, all on the fifteenth of each of those months. So, make sure you submit those payments on time. You can make your estimated payment online, by phone, or you can mail...