The Internal Revenue Service reminds the taxpayers that the second quarter estimated Deadline for Tax Payments is Monday 16 June.
This requirement applies to private individuals and entities that receive income, not usually subject to deduction, such as income from independent entrepreneurship, performances, interest, dividends, capital wins, rental income or 1099 income. Those who fall into these categories – including freelancers, pensioners, investors, companies and companies – must make estimated payments throughout the year.
Paying on time helps taxpayers to prevent taxes from lagging behind and potential fines for underpayments.
Who has to pay estimated taxes?
The IRS says that estimated tax payments are generally required if:
Individuals, such as some owners, partners or shareholders of the company, expect $ 1,000 or more taxes for the year.
Companies expect to $ 500 or more taxes. (See IRS publication 542 for more information.)
People who earn income through performances work or freelance services-even if they are paid through platforms who issue a form 1099-K must report that report income using all relevant tax documents.
Payment methods
The IRS encourages taxpayers to pay electronically, which is the fastest and most safe method. Available options include:
Irs Online Account access
Direct wage using a payment or savings account
Credit/payment cards or digital portfolios (Costs may apply)
The Electronic Federal Tax Payment System (EFSPS)
The IRS2GO Mobile App
Sent a check or post exchange With form 1040-es, made affordable to “United States Treasury”
Companies are required to use electronic transfer of funds, usually via EFTPs, to do all federal tax deposits, including estimated tax payments.
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