Hi, I'm Mike Hogan, and I'd like to present another session for our YouTube channel. Today, we will be discussing making estimated tax payments. Estimated tax payments are available because the logic with the IRS is that if you were an employee, they want money withheld throughout the year. As you receive your paycheck, the government gets their portion sent to them on a weekly, bi-weekly, or monthly basis through your employer. However, if you do not have this option available to you or if you have additional income that your employer can't withhold enough from, the IRS says they want to receive their money equally throughout the year, just like they do from employees. So, if you're self-employed or have a lot of other additional income, the IRS breaks the year up into four quarters. Your first payment is due by April 15th. They want you to calculate the amount of income and tax obligation that relates to that first quarter and make that deposit by April 15th. The next payment is due two months later on June 15th. At that time, they want you to take care of the second quarter earnings obligations that result in an assumed amount of tax that you would owe. Following that, payments are due on September 15th and January 15th. The IRS wants to receive their funds equally throughout the year based on your expected tax liability. If you fail to make these payments, they have what is called an underpayment penalty. Although I don't want to diminish it too much, it's not a significant problem. For example, if I didn't pay any estimated taxes throughout the year and when I file my taxes on April 15th, I find out that I owe $10,000, there might be a penalty, but it could only be around...
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2220 example Form: What You Should Know
If the corporation has a sales or use tax liability and pays Florida sales tax, apply the Florida sales tax to the corporate income tax liability. The income tax liability that will be adjusted to the appropriate Florida corporate income tax rate. Pay the tax to the state in which you currently reside. In addition, the corporation still owes Florida income tax for its businesses in Florida. Underpayment of Estimated Tax on Florida Income Taxes Felled Between May 13, 2017, and February 16, 2018, To resolve an Underpayment of Estimated Tax issue between May 13, 2017, and February 16, 2018, the corporation must (i) pay all outstanding estimated tax; and/or (ii) provide the U.S. IRS with written notice that the corporation has paid all such tax. The notice must specify the amount of any tax due, the tax amount, the date that the tax is paid, name of the taxpayer and the amount that the taxpayer owes. The information must be provided to: Pay the tax to the state in which you currently reside. In addition, the corporation still owes Florida income tax for its businesses in Florida.
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