May 18, 2022 - Douglas Myser

Making estimated tax payments online. The IRS in Bulletin IR-2022-101, stated that multiple advantages exist for taxpayers who file estimated tax payments online. Its faster, easier, and it is safe. During this past National Small Business Week, from May 1st thru the 7th, the IRS highlighted the tax benefits and resources tied to the theme for this year's celebration: "Building a Better America through Entrepreneurship." Paying estimated tax payments quarterly throughout the year is important for business owners. Individuals and businesses alike are required to pay taxes as income is earned or received throughout the year, either through withholding or estimated tax payments. That's why those who are self-employed or in the gig economy usually need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. Making estimated tax payments online.

If a taxpayer doesn't pay enough through withholding and estimated tax payments, they may be charged a penalty. They also may be charged a penalty if estimated tax payments are late, even if the taxpayer is due a refund when they file their tax return. However, generally, paying quarterly estimated taxes will lesson or even eliminate any penalties. Estimated tax requirements are different for farmers, fishers, and certain higher income taxpayers. In addition, special rules apply to some groups of taxpayers, such as casualty and disaster victims, those who recently became disabled, recent retirees and those who receive income unevenly during the year. Publication 505, Tax Withholding and Estimated Tax, provides more information about these special estimated tax rules. That publication can be found at the IRS website, IRS.GOV

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