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Hi I'm Mike Hogan and I'd like to present to you another session for our YouTube channel this one today will be on making estimated tax payments estimated tax payments are made available because the logic with the IRS is that if you were an employee they want money withheld all the way through the year so as you get your paycheck the government gets their portion sent to them almost on a weekly bi-weekly or monthly basis through your employer if you do not have that available to you or if you have so much other income that your employer can't withhold enough the IRS says we want to get our money kind of equally during the year just like employees are and so if you're self-employed or have a lot of other additional income the IRS breaks the year up into four not total quarters but but similar your first payment they say is April 15th so they want you to figure out the amount of income and the tax obligation that relates to that amount of income for that first quarter and you make that deposit by April 15th the next one is just two months later June 15th and they want you to take care of the second quarter earnings obligations that result in us in a kind of an assumed amount of tax that you would owe and then again September 15th and January 15th so the IRS wants to receive their funds equally throughout the year on what you're going to expect to old if you don't pay them they have what's called an underpayment penalty and the underpayment penalty I don't want to diminish it too much but it's not that big a problem so for example if I paid nothing all through the year and when I file my taxes on April 15th I find out that I owe $10,000 well there might be a penalty but it might only be about two or three hundred dollars it's not a huge amount but it also what I over 40 years of doing this is you're much better off if you would have paid $2,500 each quarter then when it comes tax time you've already paid in the $10,000 you're not really scrambling to try to come up with the money because like most people you'll have spent it in other locations and then you get behind you know the snowball effect of owing taxes and so estimated tax payments are very important to consider you really should sit down with the tax professional or look at your own returns look at the year before see what you had earned and then project the next year and divide that up into the four pieces and send in your vouchers and every state has the similar voucher system and so it's important to make your estimated tax payments not that the penalty for not paying them is so severe but there's other penalties