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Tax Payment Questions

Tax 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 income taxes 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 deductions 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 laws and benefit from knowing their rights as a taxpayer. Many questions about tax payments can be answered by the Experts.
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