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2015 Federal Quarterly Estimated Tax Payments

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Quarterly Estimated Tax Payments are due on April 15th and if you have income that isn’t subject to withholding taxes, then it’s time to consult your virtual bookkeeper and get out your checkbook.

It doesn’t matter whether your untaxed money comes from a job, investments, alimony or prizes you’ve won, if it’s untaxed, you have to pay your quarterly estimated tax payments. If you don’t make this payment around the time the money was made, you could end up owing your taxes and penalties with interest.

Most people don’t have to worry about quarterly estimated tax payments because they fulfill those obligations through payroll withholding. But when that doesn’t happen, you have to get the money to the government yourself by filing Form 1040-ES vouchers.

Any income earned January 1 through March 31 is due on April 15th. You don’t have to be exact to the penny on your quarterly estimated tax payments, but rather, the IRS prefers you figure the total estimated tax for the entire year, divide it by four and send in equal payments according to the schedule. Use the worksheet on the Form 1040-ES to determine this amount. This form can be filed electronically, or you may choose to send a check by mail.

To learn more about quarterly estimated taxes, visit the IRS website.

Ben Sutton

Ben Sutton

Ben Sutton is the founder of Mazuma USA, an accounting firm providing tax, bookkeeping and payroll services to small businesses. Since founding Mazuma, Ben has established himself as an expert in the small business world. He’s still driven by that same desire to provide accounting help to all small businesses – from photographers, bloggers and creatives to lawyers, doctors, and dentists, everyone needs affordable accounting help. Ben is a Certified Public Accountant, and a member of the American Institute of Certified Public Accountants. But Ben considers his greatest achievement and credential to be his happy wife and four children.

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