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My son, age 54, needs to file and pay his estimated taxes…

My son, age 54...

My son, age 54, needs to file and pay his estimated taxes now to beat the deadline, Please can you walk us thru it? He has gone to deposit the cash into his bank account so he can either pay be credit card or have the funds drafted from his checking account. Can you help us?

Accountant's Assistant: The expert will know how to help. Is there anything else the expert should be aware of?

He is an independent contractor and has only been working for 6 weeks. He spend the last 7 years in prison and has not filed a tax return during that time span.

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Answered in 2 minutes by:
6/16/2017
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,388
Experience: IRS licensed Enrolled Agent and tax instructor
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HI. My name is ***** ***** I will be happy to help you.

How much he made in 2017 so far? Why he did not file a return last year? He did not have any income?

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Customer reply replied 8 months ago
He has been incarcerated for 7 years and has just now started working 6 weeks ago. He is an independent contractor and we have calculated his taxes at 25 - 30% since he started working totaling $1,850.00. He has gone to deposit the cash in the bank so he can pay with either his credit card or an electronic check. He will be back in just a few minutes.

Because he did not have any tax liability last year he will not be penalized for not making any estimates at all. So do not worry too much about the deadline. The easiest way to make estimated payment is to mail a check. He can use EFTPS and use his bank account but the enrollment can take up to 5 business. Or he can use third party credit card processing company and make a payment, but it is not free. Generally you need some type of software to make a payment with bank account.

emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,388
Experience: IRS licensed Enrolled Agent and tax instructor
Verified
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Customer reply replied 8 months ago
Eva, PLEASE do not worry about calling us! Can he mail a check along with his 1040 ES voucher tomorrow and not be penalized?
John Mitchell
Category: Tax
Satisfied Customers: 10
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Phone call session started

Yes, he can. He can fill out a voucher and mail it with a check: https://www.irs.gov/pub/irs-pdf/f1040es.pdf He can also sign up for EFTPS here: https://www.eftps.gov/eftps/ (for future payments)

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Customer reply replied 8 months ago
He has only made a total of $6,826 for since April 28, 2017.
Customer reply replied 8 months ago
Our phone rang but no one is there????
Customer reply replied 8 months ago
We finally hung up and tried calling back but were unable to get a live person. Am I being charged the $52.00 for this incomplete call?????

Ok. I am back. Customer service blocked my access for a while.

Generally you are not penalized for not making estimated taxes if you owe less than $1000 or you paid at least 90% of the current year tax liability or 100% of the prior year tax liability by December 31 (January 15 if you make estimates), whichever is less.

Because his prior year tax liability was 0 he needs to pay $0 by December 31 (90% or current year or 100% of the prior year, whichever is less).

I will contact the customer service about the phone issue. I already send a message that's why I was locked out for a while.

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What type of contractor is he? Is he accounting for possible expenses he may claim? For the first 11,300 he will only owe 15.3% self employment tax. He does not need to send 20-25%.

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