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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
Amended 2014 Return, What supporting documents? I have filed
Amended 2014 Return, What supporting documents?
I have filed and have had accepted both my Federal and State [Vermont] 2014 returns, and then I received a Corrected Consolidated Form 1099 from our investment house [a 25 page document]. I am using TurboTax, so I processed the changes for both the federal and state returns, along with the 1040X. So, that’s all ready to go, and it results in a return of $1200 from the Fed, which I am applying to my 2015 taxes.
I have 2 questions:
1 The instructions for the 1040X state to include copies of the appropriate documents supporting this change. My question is, in this case, what else should I submit? I don’t want to submit too much, and ‘violate’ the paperwork reduction act, or too little, and have them assume I am hiding something. What do they want? Specifically, below is a list of what I can include:
a. Must submit:
i. 1040X [signed]
ii. Amended tax return with key worksheets.
b. Should I submit?
i. The amended Corrected Consolidated Form 1099 [all 25 pages or just the pages with changes?]. The investment house said ‘copies have been sent to the IRS’
ii. The original, accepted return [I think not]?
iii. The original Consolidated Form 1099 [all 25 pages or just the pages with changes?] I mention this because only SOME changes on the corrected 1099 are marked with a ‘C’,[like Income reallocation, etc.] the capital gains changes are NOT: just different numbers on the 2 versions with no annotations.
[I know they have all this information in their database, but is it wise to document the evidence or not?]
iv. Anything else?
2 Since I am applying the [new] refund to next year’s taxes I calculate a lesser amount for my estimated tax payments for 2015 [$330 vs $450]. However, for the April 15th estimated tax payment which amount should I send them, since the amended return can take up to 16 weeks to be approved? [Or should I just pay the greater amount to be on the safe side, since it will all be taken care of next year?]
My mother's home was put into a living trust to me in 2014.
My mother's home was put into a living trust to me in 2014. I do not live at the residence. Can I deduct the property taxes (land and school taxes) on my income tax deductions? The tax receipts are in both of our names.
my mother has 700 dollars worth of penalties on a 1040A that
my mother has 700 dollars worth of penalties on a 1040A that she never filed and now she can't find the proper paper work. Can I pay on behalf of my mother. When I tried to pay online I could't find a menu option for that choice. Would it be better to just send a check.
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