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Estimated Tax Return Questions

What is an estimated tax return?

The IRS requires individuals to pay estimated tax on income that may not be subject to withholding. An individual may be expected to pay estimated taxes if they are self-employed, received interest or dividends, alimony, rent or on any capital gains earned on the sale of property. Other forms of money received may require the individual to file estimated tax returns. When the amount of income tax withheld from salary, pension, or other income may not be enough, they may consider paying estimated tax payments. An Expert may assist in calculating whether someone’s estimated income tax withholdings are enough to avoid penalties that may apply due to an underpayment of one’s estimated income tax. Read below to find more answers from the Experts when questioning estimated tax returns.

When posting estimated corporate tax payments, would someone post them to an asset account, expense account, or liability account?

It may be best to post all estimated tax payments to a tax liability account or as a prepaid/estimated corporate tax account. The actual tax payments should not affect a P&L account (Profit and Loss Account). The P&L account will only be affected at the time the tax is posted. At the end of the year an individual might record the actual tax liability to a P&L account; this may create a prepaid tax liability (refund due) or a corporate tax liability (tax due).

Can someone use an estimated tax payment for the current year to pay a previous year’s tax that is owed?

An estimated tax payment is paid and applied to a specific period for a specific year. This cannot be transferred for payment on another tax debt for a previous year.

Could an individual obtain record of estimated tax payments made to the IRS?

In many cases, an individual should keep a copy of their cancelled checks or copy of the estimated tax payments made to the IRS for their own records. This may make an available reference in calculating any additional payments required for the period in question. The individual may also contact the IRS and request estimated tax payment information for payments they may have received.

When estimated tax payments are required, how does an individual avoid penalties for an underpayment?

There may be exceptions to an underpayment penalty. If someone had no tax liability for the previous tax year they may not be penalized for an underpayment. When a US citizen or a resident has filed a tax return for the previous year and taxed for the entire year, with minimum tax liability the individual might avoid being penalized. This individual’s tax bracket and percentage of withholdings may factor in when determining penalties on their tax liability.

Estimated tax is used to pay various taxes reported on a tax return. If someone has not withheld enough tax through their withholdings they may be charged a penalty by the IRS, even when a refund may be expected when filing a tax return. Estimated tax payments may be required to avoid penalties. When filing estimated tax returns one may be cautious to pay these estimated tax payments by the due date as a penalty charge may be assessed on a late payment. Contact the thousands of Experts to obtain more answers to questions dealing with estimated tax returns.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 571
Experience:  10 years experience
16356563
Type Your Tax Question Here...
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Recent Estimated Tax Return Questions

  • Team, My estimated tax return is appox 4500 for 2012. Two

    Team,

    My estimated tax return is appox 4500 for 2012.

    Two Questions:I have appox $26,000 in repairs for 2012. As I complete my taxes on turbo tax, when I reach the $4500.00 refund amount I still have appox $15,000 in additional repairs but the additional repairs do not increase my refund amount. Will the additional repairs "$15,000" from 2012 be credited to my 2013 return?

    Question 2:! June 2012 I signed a document to authorize a property manager to manage my property and had appox $7000.00 worth of work completed. However, my real estate agent did not advertise the property for rent until Aug 2012 and the 95% of the work was completed after July. My question is will I be able to write off the 95% of the repairs as an expense since I authorized the property manager to manage the property.

    Elvin
  • I am a 72 year old retiree. By August 311, I will be receiving

    I am a 72 year old retiree. By August 311, I will be receiving 150,000 in cash settlement of aa civil law suit I instigated against a former employee. The business no longer exists. I live on SS and annuities. In 2006, my tax advisor had me claim some 200,000 in income that was in fact embezzled, creating a larger tax bite than I actually owed. ( the business was an S Corp) How do I treat this 150,000m for tax purposes? Do I need to file an estimated tax return? What about the 70some thousand to recover from the miscreant? Can my 2005 return be adjusted? My ordinary tax bite is quite low---I have a very large mortgage that helps . I realize I am asking a number of questions. but I need your input.
      ;                                                                                           Rochelle C Weisgurt
      ;                                                                                           NNN-NN-NNNN
    1
  • we recently (2008) started a curbside recycling business (LLC)

    we recently (2008) started a curbside recycling business (LLC) and invested about 50,000 of our personal money (no loans); I know it's all a write off and the operating expenses also, but with the money coming in from the business....I pay the operating expenses..... and our insurance and other bills are paid......will I get money back from my tax return in 2009?
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