Questions tagged [estimated-taxes]
The estimated-taxes tag has no usage guidance.
56
questions
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1answer
30 views
HMRC Tax Returns for following year
If my startup business is running at a loss after adding costs of supplies and money come in, how would this affect income tax in the following year?
As any gains in the following year would need to ...
0
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2answers
60 views
Amend previous return to move estimated payment?
In a complicated situation for 2017 taxes (settled in 2018) (Estimated State payment too big --> money back; + 2018 Tax Reform), it seems like I'd be better off had I made a State Tax estimated ...
8
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3answers
1k views
Estimated State payment too big --> money back; + 2018 Tax Reform
In Apr 2018, for 2017 taxes, I filed for extension and made a payment for estimated tax for the State & local taxes of NY of 20K. I was completely wrong, and ended up getting a State refund of 30K ...
3
votes
2answers
90 views
US Estimated Taxes— what can I do if I had a very weak Q1, but expect a strong Q2-Q4?
I'm self employed and when I have the contractor hours, I make good money, I'm faithful to set more money aside than I need for my taxes and I even set additional money in case I hit a "dry spell". ...
1
vote
1answer
101 views
CA Safe Harbor Estimated Taxes
Assuming no income taxes are withheld, does paying 30%, 40%, 0%, and 30% (33, 44, 0, and 33 for high earners) of previous year taxes by each respective estimated tax due date meet safe harbor ...
0
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1answer
85 views
Would it be a good idea to start my LLC while I owe the IRS?
I’m a self-employed cosmetologist I filed taxes last year and had to pay back $2500 I’m on a payment plan right now and they told me once I file again it will void the payment plan. So, would starting ...
2
votes
2answers
130 views
Do I have to pay estimated taxes?
I had a financial windfall in 2018, pre-paid taxes to account for this, and ended up getting a refund. Turbotax included several 1040-ES forms for paying estimated taxes for 2019, I assume based on my ...
5
votes
0answers
1k views
Can I make estimated tax payments instead of withholding from my paycheck? [duplicate]
My employment provides me with a W-2 at the end of the year, and I currently have taxes withheld from my paychecks. In the opposite of this question, Pay estimated tax using W-4 withholding instead of ...
2
votes
1answer
73 views
1040-ES Late Payment
quick question: I'm new to paying estimated taxes and I somehow forgot to file my last estimated taxes by Jan 15th this year - the payment due was for Sept-Dec 2018. I just realized this, and I want ...
1
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0answers
33 views
Estimated Tax Penalty
Instructions for Form 1040 state:
Because Form 2210 is complicated, you can leave line 23 blank and the
IRS will figure the penalty and send you a bill. We won't charge you
interest on the ...
0
votes
1answer
52 views
Late estimated quarterly payment because state failed to act on ACH authorization
In October I submitted payment for Q3 taxes to PA and received a confirmation number for my payment. But they failed to act on that authorization until January, when they must have noticed it at the ...
0
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3answers
82 views
Going from a 1099 to W-2 job, must I pay estimated taxes?
In 2018 my spouse worked full-time on W-2, and I worked entirely on 1099. She had taxes withheld, but circumstances prevented me from paying any estimated taxes, so we'll certainly have a substantial ...
3
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1answer
155 views
If my withholding will pay my and my spouse's tax bill, does she still need to pay estimated taxes as an independent contractor?
I am a full-time employee. My spouse is effectively employed long-term with one company, but has always been paid as an independent contractor.
If I plan on filing my 2018 taxes jointly with my ...
1
vote
1answer
73 views
Estimated tax payments required when paid only once per year?
I did a small amount of work as an asset manager by power of attorney this year for which I am getting a fee paid once at the end of this year (in December) and I probably will do no further work of ...
0
votes
2answers
65 views
Help calculating quarterly estimates for September
I was looking to get some help with my federal quarterly estimates this September.
My W2 income is 36k/year
My 1099 income (started 2 months ago) is around $1000/month
How do I calculate my ...
1
vote
0answers
104 views
S-Corp - How to Split Up Quarterly Estimated Tax Payments
I have a S Corp where I am the only shareholder and employee. I usually do payroll once per year - at the end of the year - during which I pay myself a salary for the whole year (pay period of Jan. ...
3
votes
1answer
79 views
Excess estimated taxes
Context: US Federal Personal (non-business) income taxes
Other than giving the government an interest free loan for some number of months, are there any penalties or downsides for "playing it safe" ...
5
votes
2answers
219 views
Is there a penalty to withholding more taxes at the end of the year?
Suppose that Bob realizes in November that he has severely underwithheld taxes and would have a large penalty due when he files. Since he works at a salary-paying job, he elects to increase his ...
1
vote
1answer
96 views
Estimated taxes itemized deduction?
Seeking a second opinion on what my tax preparer provided me in my 2017 taxes.
I made an estimated tax payment of $20,000 to the State of California in Dec 2017 (for a stock sale I made in Nov 2017).
...
1
vote
2answers
71 views
How does the timing of estimated tax payments relate to the state and local tax refund worksheet?
The instructions for the Form 1040 State and Local Income Tax Refund Worksheet (Line 10) say that the worksheet cannot be used if (among many other things) the last payment of estimated state or local ...
8
votes
2answers
798 views
US, estimated taxes - but for first filing?
Just curious - in the US - say it's the first time you are filing taxes.
(I suppose the only two possibilities are either (A) you happened to move from overseas or (B) imagine a highly successful ...
0
votes
2answers
161 views
Is there any disadvantage to calculating my 4th quarter estimated tax so that I have no annual tax payment or refund?
I use TurboTax Home & Business to do my taxes every year. Since the 2017 edition is out and since I won't be receiving any more income this year, I've used it to figure out what my 2017 federal ...
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4answers
6k views
Why pay estimated taxes?
It looks like the tax investment penalty is about 2.6%, which makes me wonder why anyone pays quarterly estimated taxes. Wouldn't you be better off putting that money into stocks and using the ...
1
vote
1answer
75 views
Do I need to pay myself a salary if I switch from S-Corp employee to shareholder mid-year?
The company in question is an S-Corp. From 1/1 through 7/31, I worked as a W-2 employee for the company. During that time, the company was owned by a single person, who held 100% of the shares. I ...
1
vote
2answers
463 views
Pay estimated tax using W-4 withholding instead of quarterly payments
I currently have a regular job at my university that provides about 2/3 of my annual income. I also do contract work on the side, and have some minor investment dividends and interest payments as ...
2
votes
1answer
470 views
Calculating separate estimated taxes for self-employed spouse
I earn wages and my employer withholds taxes from my paycheck in the usual way. My wife is newly self-employed, and we are calculating her estimated taxes for her self-employment income for this year. ...
0
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3answers
255 views
Withholding for unexpected Short-Term Capital Gains and Penalties
Every year, when paying my taxes, I typically get a small amount back from the Feds, and usually pay "less than $400" to my state. However, within this 2016 year, I unexpectedly made a large amount ...
4
votes
1answer
151 views
Am I allowed to make estimated tax payment after deadline
About Jan 10, 2017 I received a surprise large disbursement/payment from a trust via check dated Dec 31, 2016. I assume the Schedule K-1 that I will eventually receive for tax year 2016 tax year will ...
1
vote
2answers
206 views
For United States estimated taxes, can my 2nd and 4th quarter payments reflect the actual length of those quarters?
I'm trying to plan out how I'm going to handle my US estimated taxes for 2017. I'm self employed and the amount of money I make each month varies quite a bit and is generally unpredictable, so it's ...
2
votes
1answer
509 views
Wife started working on 3Q - how many exemptions can we claim?
I originally filled in my W-4 with "1" for items A, B and C of the "Personal Allowances Worksheet" since my wife wasn't working and I have only one job and we're filing jointly.
A Enter “1” for ...
2
votes
1answer
95 views
Paying estimated taxes (form 1040-ES) - am I doing this right?
My wife has several part-time jobs with variable demand and therefore variable income.
Considering we filled in 0 exemptions on all her new jobs' W-4s, I am trying to work out if the estimated taxes ...
0
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2answers
91 views
Estimating monthly contributions required to save up to a sum within a year using index funds and bond funds
I'm saving up to pay off a sum of money ($86,000) in about the next year using some index and bond funds through Vanguard in a taxable account. The portfolio for this account is balanced at 40% VFTSX, ...
2
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1answer
144 views
Voluntary payment using estimated tax vouchers - any issues?
After selling a house, I've now added a large long-term Capital Gains amount to my taxes this year. Knowing this was likely (and thanks to earlier advice), I set my withholding this year so I am well ...
5
votes
1answer
85 views
How much will I benefit if I get receipts for child care? (Canada)
I am returning to work soon and will pay approx $13,000/year for care for my little one. I would appreciate feedback as to whether I am understanding the value of claiming child care on taxes...
I ...
3
votes
4answers
3k views
How to calculate my estimated taxes. 1099 MISC + Self Employment
I receive a 1099-Misc each year and that's all†. I have to pay estimated taxes, but I don't know how to calculate them for myself.
This is the current estimated tax calendar
From To ...
2
votes
1answer
279 views
Can I pay estimated taxes based on last year's taxes if I anticipate more income this year?
My question is related to this one (Do I have to pay estimated taxes if my income will be much lower this year?) but in the opposite direction.
Last year my wife started a new business and with all ...
1
vote
1answer
107 views
When is the Quarter 1 Estimated Tax form Due in the US?
I am new to filing form 1040 ES for estimated taxes; when is this form due? The form itself says April 18th, 2016:
https://www.irs.gov/pub/irs-pdf/f1040es.pdf
This seems simple enough but I am ...
2
votes
3answers
6k views
Why ADP does not accurately withhold state and federal income tax (even if W4 is correct)?
Back in 2014 and 2015 I had W-4 on file with my employer where I claimed only one exemption (myself).
However, I always ended up owing federal tax and getting CA state refund. Last year I also ended ...
0
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1answer
376 views
Are missed "estimated tax payment' penalties really enforced by IRS and FTB(CA)?
I am a regular employee in a tech company and receive annual W2 form. I moved to US in 2010 from a country where tax system is simple. These years I also have traded stocks in my free time and made ...
3
votes
1answer
130 views
How to get capital gain tax of 2014 refunded based on the capital loss of 2015?
In 2014, I had capital gain on sale of rental property and tax was paid accordingly. In 2015, I am anticipating capital loss on stocks. Is there a way to get capital gain tax of 2014 refunded based ...
2
votes
1answer
112 views
Paying estimated taxes in a quarter with losses
I have an S-Corp in the US, state of Massachusetts.
Because my income/loss fluctuates so much, it's not reliable to make estimated payments based on last year's income.
Given that, instead what I do ...
0
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1answer
359 views
Taxes on raffle winnings [closed]
If I win a car in a raffle then I have to pay taxes on it. What if, however, the raffle prize includes $20,000 along with the car (MSRP ~$105,000)? What's the story then? Will the cash cover the ...
3
votes
2answers
628 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
votes
1answer
230 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 ...
17
votes
2answers
2k 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 ...
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vote
2answers
88 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
votes
2answers
829 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
votes
1answer
804 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 ...
5
votes
2answers
962 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
228 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 ...
