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Tax Payment Questions
payment questions are a vast and confusing subject. And can involve large amounts of time, and money along with equally large headaches. Below are the most commonly asked questions about tax payments that are answered by the Experts.
Who is required to make quarterly tax payments?
Typically if you are filing as a sole proprietor, partner, S corporation shareholder, or a self-employed individual, you generally would make estimated tax payments if you expect to owe $1,000 or more. These are due on the 15th day of April, June, September, and January of the following year. A corporation would be expected to make payments if you estimate that you will owe taxes of $500.00 or more when its return is filed. Corporations estimated tax payments are usually due on the 15th day of April, June, September, and December.
I am making tax payments of $350 to the IRS (Internal Revenue Service). I agreed to increase my payments by $1000 due to an increase from my SS (Social Security) payments. Then SS later lowered the amount. I am trying to get this resolved but I am unable to get a straight answer. Now I cannot afford the increase to my IRS payments how can I resolve this problem?
In most cases the IRS will re-negotiate and allow you to delay the increase for 30 days. If in 30 days you still have not resolved the issue then contact the IRS again. As long as you keep in contact and keep sending the $350 it is likely that they will work with you until you have resolved your issue with Social Security.
If a person is billed for taxes due from two years ago, and said person pays all the taxes plus the late penalty can the person claim this on their most recent tax filings?
In most cases federal
and penalties paid to the
Internal Revenue Service
are not deductible not matter when they are paid.
How can a person lower their tax payments to the IRS (internal Revenue Service)?
If a person cannot handle the negotiated payments then they should claim hardship to see if the IRS will decrease the payment amounts. A person can also request a penalty abatement which will reduce your tax balance. However, this is not guaranteed approval for the hardship or the penalty abatement, but it’s worth a try.
I am self employed, how do I figure my tax payments on my new job which is paying me $125.00 weekly, also where would I send my payments?
Assuming you have no
yourself employment tax rate of 15.3% would boil down to $17.67 weekly. You can estimate your taxes and make quarterly payments to the IRS (Internal Revenue Service) using the voucher form 1040ES.
Tax payments are typically a link in the huge chain of tax questions. The payment arrangements can often be the deciding factor in the success or downfall of a company, whether it is small or large. Individuals may also be wise to keep well informed of the tax payment
and benefit from knowing their rights as a
. Many questions about tax payments can be answered by the Experts.
Recent Tax Payment Questions
Hello. I recently received $750,000 from the company I am a
Hello. I recently received $750,000 from the company I am a fractional owner of. This was the result of a recapitalization of the company. My initial investment was $750,000.Of the payment 20% of it will be considered a dividend due to the profit the company will realize in this calendar year. My assumption is that for Federal estimated tax purposes I would need to file for a payment of 20% of $150,000 or $30,000 given the rest of my income is properly withheld. Does this make sense and is there a tool or software I can you to create the filing info for me and calculate state tax payments?
About withholding taxes, correct forms, filing requirements,
About withholding taxes, correct forms, filing requirements, dates and solutions to avoid it. Better structure possible.
2013 tax year . Formed an LLC partnership with purpose to hold rental residential real estate in FL. One partner holds 99.5% and is a non-us citizen, foreigner. Other, for management purposes etc. holds just 0.5%.
This year the LLC partnership filed form 1065 after filing form 7004 request for extension.
The majority partner, the foreigner, filed form 1040NR reporting his share of the income from the LLC k1. This is the only income the foreign partner has on the 1040nr and that is connected to the US and it was the first ever 1040nr from this foreigner.
Now, received letter from IRS that say that there might be additional filing requirements for the LLC partnership referring to withholding taxes, section 1446, form 8804,8805, 8804c, 8813.
How can this withholding be avoided?
Can this withholding be avoided if the foreign partner fills out W8ECI?
What response if any to give to the IRS about withholding?
If not Please explain the correct steps for filing these, the rates with due date and extensions etc?
I live in FL. In 2013 I sold condo in CA. Due to my own stupidity
I live in FL. In 2013 I sold condo in CA. Due to my own stupidity (and age) I never kept receipts for all the updates I did prior to the sale. When sold I sent the IRS $50,000 and when the final tax return was done my EA told me IRS owed me $26,000. So they did get $25,000 from for taxes, I had overpaid them which she told me was the best thing to do but I am so scared I cannot sleep due to fear of being audited as I have used the $26,000 to pay off bills. My EA told me to stop worrying bec
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