Under certain circumstances, you may be required to make estimated tax payments, such as not having taxes withheld from your wages or paying too little each paycheck for your taxes. At the same time, self – employed people usually pay taxes by estimates. Four facts concerning the payment of estimated taxes These four tips can help to answer some of your questions if you are confused about the process of making estimated tax payments. If you expect federal income taxes to exceed $ 1,000 in 2018, you should be prepared to make estimated tax payments.
To decide how much you will need to make in estimated payments, you should anticipate your full annual revenue, including any deductions or credits you may claim at the time of taxation. Some life events like the marriage or birth of a dependent child can change the amount of taxes you have to pay. If you rely on estimated tax payments, you usually pay four times a year. Payments are usually made on or around 15 April, June and September and again on 15 January of the following year. You would pay April, June and September 2018 for estimated payments made for 2018, and your final payment would be due by 15 January 2019. Payments can either be made online or by phone. Alternatively, if you decide to send payments by mail, you can use Form 1040-ES, Estimated Tax for Individuals, which provides payment vouchers.