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1
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2answers
57 views

S-Corp Estimated Tax Payments

I plan on splitting my s-corp income 50/50. I hope to make 80K this year, 40 on payroll, the other 40 as distributions (s-corp income). I’m figuring the first 40K will be, mostly, at the 15% bracket. ...
0
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1answer
48 views

Late payment of estimated taxes

I live in the United States, this is my first year paying estimated income tax and I've missed the first two voucher deadlines. My question is should I mail them now (late) and send each one ...
14
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2answers
1k views

Estimated Taxes after surge in income

Last year my self-employment income was $300k and I paid about $80k in federal taxes. This year, in the first quarter, all of my business dried up and I had $0 in income. Turbo tax was advising me ...
1
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2answers
46 views

What are the rules for accounting of late IRS tax filings and tax owed/refunded?

If you filed your 2011, 2012, and 2013 IRS taxes late around March 2015 and had a refund due for 2011 and 2012 that you filed as applied to the next year's taxes, rolling it forward each year until ...
3
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2answers
120 views

When paying estimated quarterly taxes, can I prorate the amount based on the irregular payment due dates?

My husband became a partner at his law firm this year and so this is the first year we are having to pay estimated quarterly taxes. I am confused about why one would be expected to pay 4 equal ...
2
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1answer
109 views

Estimated tax for capital gains on large, one-time sale of index mutual fund to fund home purchase

My wife and I are trying to buy our first home and sold an index mutual fund with about 60k in capital gains. This is my first time reading form 1040-ES, but it seems that it is made for an ...
2
votes
2answers
113 views

estimated taxes and late penalties on highly “bursty” side income

I have a full time job where I get a W-2. In addition I occasionally freelance on the side as a contractor and receive a 1099-MISC. The freelance work is very irregular and hard to predict. It's ...
2
votes
1answer
110 views

Self Employed, but not required to pay estimated taxes?

According to Chapter 2 of Publication 505 on the IRS website, I am not required to pay estimated self-employment taxes because I do not plan on having taxes totalling over $1,000 by the end of the ...
0
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2answers
125 views

Estimated Tax Requirements (1040es) Seem Low

TL;DR - Form 1040es lines 14a and 14b are very different, causing me to be wary of my end result for required quarterly estimated tax payments. I've been working through my 1040es for the first time ...
6
votes
1answer
830 views

Why are estimated taxes due “early” for the 2nd and 3rd quarters only?

According to the United States internal revenue service, federal estimated tax payments are due on this schedule: April 15 June 15 September 15 January 15 (of the next year) June is only two ...
2
votes
2answers
9k views

How do I estimate my taxes when I have only 1099 income?

Last year I had W-2 income and 1099 income. I made $10,000 in real estate commissions. I believe I paid $1800 last year in 1099 tax, but none of it to the best of my knowledge was penalized. I filed ...
2
votes
3answers
395 views

Paying Self Employment Tax 1040ES Monthly

I have recently become self-employed (independent contractor) and I would like to take care of my Estimated Taxes as I am paid, which is only a monthly basis. I understand that the IRS requires ...
2
votes
1answer
161 views

Can I just file a 1040-ES?

I got married last year, and made some reasonable estimates of what my taxes would look like in 2012, the first full year of being married. However, a few things have changed and some of the ...
3
votes
1answer
122 views

Is there a threshold at which estimated taxes must be paid electronically?

In the United States, is there an income or tax threshold above which an individual is required to make their estimated quarterly tax payments by electronic means?