Q&A with a Tax Professional
Posted on January 28, 2010 by Tiana Favila, Staff Accountant
Question: How do I know if I have to file quarterly individual estimated tax payments?
Answer: You must make estimated tax payments for the current tax year if both of the following apply:
- You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- You expect your withholding and credits to be less than the smaller of:
- 90% of the tax to be shown on your current year’s tax return, or
- 100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
There are special rules for:
- Certain small business taxpayers for periods beginning 2009
- Certain taxpayers with higher adjusted gross income
- Farmers and commercial fishermen
- Aliens
- Estates and Trusts
This is a question some of our clients ask regularly. For more information, visit www.irs.gov.
Make use of online financial tools and resources
Posted on January 6, 2010 by Christa Williams, Web Designer & Marketing Specialist
If you’re not taking advantage of the World Wide Web’s vast accumulation of tools and resources then you are doing things the hard way!
You can free find tax forms, use online submittals instead of going in person, and find valuable information that would normally require waiting on the phone for hours.
You can check out our free downloadable forms on our Website. Also, make use of the following links below:
