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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
What are the employer/employee taxes to be paid to the IRS
What are the employer/employee taxes to be paid to the IRS for babysitters/Nanny's that work 50 hours per week ($14/hr)? When are the taxes due? What are the penalties of not paying the withholding taxes in a timely manner or not at all? If the employee is injured in a home, is she eligible for personal injury medical care/claim through the home owner's policy or Workman's Comp? Does the employer have to issue a 1099 to the employee and the IRS at the end of the year for tax filing purposes? Does the employee have to enroll in Obamacare healthcare if she is uninsured? Does the employer have to offer Obamacare to the Nanny? (I know there are a cluster of questions so I will add a bonus for your additional time.) Thank you.
A little over my head here. I'm ready to tip accordingly.
A little over my head here. I'm ready to tip accordingly. :)
A client closed their business (restaurant) after many years. The last few years were poor. They have been setup as a C-Corp since day one. General business credit carryforward is $23,000, NOL carryforward is $69,000, retained earnings is unfavorable ($150,000). Business was fully sustained by additional paid in capital (no loans) by married owners over the years.
The restaurant has no value. The building was owned personally by the two married owners. It sold earlier in 2015 for $700,000. This cash is sitting in their bank account at present.
We are ready to make an estimated tax payment for the capital gain. Client was ready to fully retire and did not want to entertain any 1031 exchanges or other lingering tax planning. I.e., get their cash, take their tax lumps and be done...
Question - what is the capital gain? How much / how can I offset sale price with losses stuck in the C-Corp?
Thanks in advance!
I manage and collect rent on a California rental property for
I manage and collect rent on a California rental property for a resident of Korea. The owner is not a U.S. resident. Since I collect the rent, am I the withholding agent? If so must I give the foreign owner the IRS Form W-8ECI? What do I do with the completed form? Do I collect the 30% tax on the monthly rental income? In addition, do I need to withhold funds for the Non-Residence Withholding Tax (7% of the rent) payable to the California Franchise Tax Board on a quarterly basis.
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