Five Tax Tips on Making Estimated Tax Payments - PowerPoint PPT Presentation

About This Presentation
Title:

Five Tax Tips on Making Estimated Tax Payments

Description:

Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Log on – PowerPoint PPT presentation

Number of Views:33

less

Transcript and Presenter's Notes

Title: Five Tax Tips on Making Estimated Tax Payments


1
Five Tax Tips on Making Estimated Tax Payments
www.etservicesva.com
2
If you do not have taxes withheld from your
income or are self-employed, you may need to make
estimated tax payments.
www.etservicesva.com
3
Here are five tips about making estimated tax
payments
1. When the tax applies.  If you expect to owe
at least 1,000 in tax for 2017 after subtracting
withholding and refundable credits. Note Special
rules apply to fishermen and farmers.   2. How to
figure the tax.  Begin by estimating the amount
of income you expect to receive for the year. Be
sure to consider any tax deductions and credits
you may be eligible to claim. Use Form 1040-ES,
Estimated Tax for Individuals, to figure and pay
any estimated tax.
www.etservicesva.com
4
3. When to make payments.  Normally, estimated
tax payments are made four times a year. For
2017, the dates that apply to most are April
18, June 15 and Sept. 15. There is also one last
payment on Jan. 16, 2018.   4. When to change tax
payments or withholding.  If you have experienced
major life changes (birth of a child, etc.), you
may want to revise your estimated tax payments
for the year. If you are an employee, consider
adjusting the amount of tax withheld from your
paycheck by giving your employer a new Form W4,
Employee's Withholding Allowance Certificate.
Anyone can use the IRS Withholding Calculator
tool at IRS.gov to complete the form.
www.etservicesva.com
5
5. How to pay estimated tax.  You can pay
online, by phone or even from your mobile
device. Direct Pay is a secure online service
used to pay a tax bill or pay estimated tax
directly from a checking or savings account (at
no cost). Visit IRS.gov/payments for additional
information. You can also pay by mail using
payment vouchers that come with Form 1040-ES.
www.etservicesva.com
6
Remember to keep a copy of your tax
return. Beginning in 2017, taxpayers using a
software product for the first time may need
their Adjusted Gross Income (AGI) amount from
their prior-year tax return to verify their
identity. Learn more about how to verify identity
and electronically sign tax returns at Validating
Your Electronically Filed Tax Return.
www.etservicesva.com
7
Thanks For Watch
www.etservicesva.com
Essential Tax Services 13168 Piedmont Vista
Drive Haymarket, VA Zip 20169 PH 703-754-2601
Write a Comment
User Comments (0)
About PowerShow.com