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Offbeat Why you might owe the IRS more money on June 15

16:51  14 june  2018
16:51  14 june  2018 Source:   fool.com

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Why would I have to make estimated tax payments? If you need to make estimated tax payments, check out the IRS website and get a copy of Form 1040-ES today. Even if you discover that you should have made your first installment on April 15 and might not even be in time to make your June 15

If you owe more than ,000, you also have to pay a penalty to the IRS. Related: The Best and Worst States for Taxes in 2017. This can come as a big shock to That means you may not need to adjust your withholding. Instead consider paying estimated tax if you sell property or receive income from an

Millions of taxpayers breathe a big sigh of relief in mid-April after they finish their tax returns and pay any tax they owe. For most of them, the promise of not having to worry about dealing with the hassle of preparing and filing returns with the Internal Revenue Service for almost another year takes a huge burden off their shoulders.

Yet what many people don't realize is that they might need to make an additional payment to the IRS as little as two months later. If you don't meet the guidelines to avoid doing so, then you might need to make quarterly estimated tax payments or else face the prospect of owing penalties in the future.

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To avoid owing the IRS money, it's important to know why you might find yourself in that situation. Do not send it to the IRS. You can have 7%, 10%, 15%, or 25% withheld from most government Their income may be sporadic, and it can be difficult to know how much they will owe after business

One of the most common reasons you might owe the IRS money is for withholding too little out of your paycheck. This can occur when you experience a life event such as marriage or divorce. When you get married and file jointly, you might find yourself in a higher tax bracket, especially if you both

With big changes in taxes coming for the 2018 tax year as a result of tax reform, even those who were exempt from needing to pay quarterly estimates in the past might find themselves in a different situation this year.

Why would I have to make estimated tax payments?

The tax laws require you to pay taxes as you earn or otherwise receive income throughout the year. Most people get the vast majority of their income from their jobs. For them, withholding of federal income tax from their paychecks usually covers enough of their eventual tax burden that they don't have to make additional estimated tax payments to avoid the penalties that the IRS would otherwise impose.

However, if you don't have enough tax withheld through payroll withholding, then you'll need to make quarterly estimates in order to make up the difference. In addition, those who don't have traditional jobs and instead earn self-employment income will almost certainly need to make estimated tax payments in order to meet their tax obligations throughout the year. Those payments are due in four installments: on April 15, June 15, and Sept. 15 this year, and Jan. 15 of the following year.

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It may be the most annoying part of our civilization and we may wish we didn’t have to pay them as we look at the gross earning on our checks to only see the final number to have signifi. While you may think regular people are the only ones who grapple with the concept of taxes, this isn't so.

If you owe money because you received a letter from the IRS, don’t automatically assume the IRS is correct. They make mistakes, too. You may also reduce your penalties and interest using the annualized income method if you received more of your income in the latter part of the year.

Safe harbors that keep you from having to make estimates

There are two threshold amounts that you'll want to consider in deciding whether you should make estimated tax payments. First, if you expect to owe taxes of less than $1,000, then you generally won't have to pay quarterly estimates. Second, even if your tax is above $1,000, you won't owe a penalty if you pay at least 90% of your tax for the current year through withholding. Only if neither of those situations applies will you be required to make quarterly estimated tax payments.

Even in situations in which you'd otherwise have to make quarterly estimates, there's another exemption that can apply. The IRS gives relief to those who see a big rise in their tax liability from one year to the next by allowing taxpayers to meet the requirements by paying 100% of the tax they owed in the previous year. If you have at least that amount withheld, then you won't owe penalties. But for most taxpayers, the 100% figure rises to 110% of previous-year taxes if their income exceeds $150,000.

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If you owe the IRS money, it can be a scary having them after you. I may be able to help you however. Why Do People Have Tax Problems? While many people are great at making money, they aren’t as If you owe the IRS money, you have to first realize not to panic. While you may think it is

Tax Refunds – The Internal Revenue Service (IRS) may owe you money if your refund was unclaimed or undelivered. FHA-Insurance Refunds – If you had an FHA-insured mortgage, you may be eligible for a refund from the U.S. Department of Housing and Urban Development (HUD).

What if I don't make quarterly estimates when I should?

If you fail to make estimated tax payments when you're required to, you'll owe a penalty on top of your tax liability. The amount of the penalty is based on the amount you should have paid and prevailing interest rates at the time of the underpayments. For instance, throughout 2017, underpayment penalty rates were 4%, meaning that you would owe a penalty of $4 for every $100 you should have paid as a quarterly estimate on April 15, 2017, but waited until April 15, 2018, to pay. Penalties are assessed for each day that a given payment is late, with a pro-rata fraction of the annual penalty rate charged.

The calculations to figure the penalty are complicated, especially because there are some alternative methods that can result in a smaller penalty in certain situations.

Those who don't earn income in steady streams throughout the year are allowed to make estimated tax payments that aren't equal in size throughout the year, reflecting instead their relative income level for each period. For instance, if you make most of your money during the last three months of the year, then your estimated tax payments would be smaller for April 15, June 15, and Sept. 15, but be much larger for the following Jan. 15, which covers that high-earnings period.

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When the IRS sees little or no income on a return, it might think you’re hiding some of what you You’ll probably just get a notice, saying you made a mistake and you owe more money or are The IRS also receives information about large cash transactions and suspicious activity from banks, which

You paid your taxes—but now the IRS says that you owe more. Each year, the IRS sends out millions of notices requesting By this point in the process, you might feel that you are presenting the same facts again and again, beating your head Seven Common IRS Mistakes. The IRS is especially likely to demand more money when… Date: September 15, 2014 Publication: Bottom Line Personal.

Be smart about your taxes

If you need to make estimated tax payments, check out the IRS website and get a copy of Form 1040-ES today. Even if you discover that you should have made your first installment on April 15 and might not even be in time to make your June 15 payment, every day you wait could cost you another day's worth of penalties.

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