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Thread: Quarterly taxes

  1. #1
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    Stefany's Avatar

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    Default Quarterly taxes

    Hi,

    It is my favorite time of the year - paying taxes

    Seriously tho, are you gals/guys in the process of sending your quarterly taxes to the IRS? And also, is it for January, February & March or is April included as well when you have to send it in April?
    Also, you only pay based on your net income, not gross, correct? And is it OK to send the check now before April 18th?

    Thanks.

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    Quarterly payments are for 3 month periods (3 x 4 = 12).

    You pay based on your estimated net income for the year. In many cases you can take the prior years tax payment and divide it by 4. That is assuming you will make close to the same amount you did the year before.
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    It's okay to pay now, the IRS will accept your payment anytime. Personally though, I don't pay until a few days before the due date. In fact, with e-payments I schedule all my payments for all expenses for the actual due dates.

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    Jo,
    What is a good e-payment option for the payments?
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    create an account on eftps.gov

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    Register for an account on EFTPS to pay your federal taxes. You can schedule payments 365 days in advance. My other payments I schedule either through the bill pay on my bank's website or the vendor's website.

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    Thanks for the responses!

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    Quote Originally Posted by jamesray50 View Post
    It's okay to pay now, the IRS will accept your payment anytime. Personally though, I don't pay until a few days before the due date. In fact, with e-payments I schedule all my payments for all expenses for the actual due dates.
    I have heard this from a lot of professionals. Is there a reason to do this?

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