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What are estimated taxes and who cares?

Sam Foltz

January 3, 2018

Everyone in the U.S. pays taxes on the income that they receive throughout the year from many different sources.  The IRS requires that we pay taxes as the income is earned; not just at the end of the year.  This system is referred to as “pay as you go”.

While this may not apply to those who are employed, which have taxes withheld on each paycheck, some individuals don’t have enough withheld or have income from other sources that do not withhold at all.  These latter folks must pay on their own in the form of Estimated Tax.  The IRS requires that these taxes be made in four equal payments or get penalized

The calculation for estimated taxes is not all that difficult if done during the prior year’s tax prep, those who have had changes in their income or have not paid in according to plan will want to recalculate and use this last chance to make a timely payment for 2017.

If you need help calculating the estimates, signing up online to pay, or need a voucher to send in a check, give us a call!

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