2024-07-05 15:47:24
IRS: Taxpayers may avoid a surprise tax bill by making a quarterly payment by Jan. 16 – Hunting Headline

IRS: Taxpayers may avoid a surprise tax bill by making a quarterly payment by Jan. 16

[ad_1]

Westend61 | Westend61 | Getty Images

The fourth-quarter estimated tax deadline is Jan. 16, and you could have a surprise bill or owe a penalty if you don’t send a payment, according to the IRS.

While many employers withhold levies from every paycheck, other income — such as freelancing, small business or investment earnings — requires a separate payment to the IRS.

Generally, you must make quarterly estimated payments for this income if you expect 2023 tax liability of $1,000 or more.

In December, the IRS reminded such taxpayers to make a fourth-quarter tax payment on or before Jan. 16 “to avoid a possible penalty or tax bill when filing in 2024.”

More from Personal Finance:
Biden administration to forgive certain student loan borrowers’ balances early
What to know before adding bitcoin exchange-traded funds to your portfolio
Taxpayer advocate: Tax identity theft victims face ‘unconscionable’ IRS delays

“By making those payments, you avoid having to pay the IRS even more on April 15,” said certified public accountant Tom Wheelwright, CEO of WealthAbility.

If you miss the estimated tax payment deadline, you may trigger a late penalty of 0.5% of your unpaid balance per month or partial month, up to 25%, plus interest, which is currently 8%.

What to know about the ‘safe harbor’ rules

Filers can avoid an underpayment penalty by following the “safe harbor” guidelines, according to Mark Steber, chief tax information officer at Jackson Hewitt.

You meet the requirements by paying at least 90% of the current year’s tax liability or 100% of last year’s taxes, whichever is smaller.

How to make quarterly estimated tax payments

With limited time until the deadline, “the fastest and easiest” option for remitting funds to the IRS is via electronic payments, according to the agency. Here are your options:

If you pay by sending a check in the mail, Wheelwright recommends sending it via certified mail with a return receipt because you may “have to prove that you made it on time.”

Tax policy on the ballot: Where each 2024 presidential candidate stands on taxes

Don’t miss these stories from CNBC PRO:

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

mouth fuck pornous.net boobs kissing sex video
相田紗耶香 javlibrary.pro dpvr-049
اخ ينك اختة fuckswille.net افلام ايباحيه
hindi hot sexy picture tubevector.mobi mahabalipuram sex videos
xexvdeo pornobase.net indian sexy boobs
شاب ينيك اخت مراته gratisfucktube.com بنات طياز
aarthi agarwal fuckmoviestube.com real sex videos india
كس زب houmar.com سكس انهات
hero aca hentai jabhentai.com madara hentai
.xvideos gansta-xxx-porn.net tamilsexaunty
夜勤病棟 エロ javsearch.mobi 早乙女ゆい 無修正
desilady in zporn.mobi south indian outdoor sex
hindisexmove xxx-tube-list.info wwwtelugusexcom
xxx free clip youjizz.sex badmasti video
新垣由奈 javblog.mobi チ○ポ依存 上原花恋