Explaining Estimated Tax Payments

Any taxpayer that owes $1,000.00 or more on their most recent tax return must pay estimated taxes.  Estimated tax payments are tax pre-payments that must be made throughout the year, before the return is filed, to make the IRS feel better about collecting their taxes from you.  In order to determine how much estimated taxes you need to pay, be sure to use Form 1040-ES.

A taxpayer usually must pay estimated taxes when they have a life change, such as a marital status change, birth of a child, or a change in employment.  To pay your estimated taxes, you can mail your payment, pay online, or pay over the telephone.

If you are unsure about your tax situation or are in need of tax assistance, feel free to contact our office at 816-524-4949 or www.Hoorfarlaw.com.

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