The fourth-quarterestimated tax deadlinefor 2024 is Jan. 15, and missing a payment could trigger "unexpected penalties and fees" when filing your return, according to the IRS. Typically, estimated taxes apply to income withoutwithholdings, such as earnings from freelance work, a small business o...
The second-quarterestimated tax deadlinefor 2024 is June 17, and you couldowe a penaltyif you don't send a payment, according to the IRS. You typically owe estimated tax payments for income withoutwithholdings, such as from contract jobs, freelancing or gig economy work, or if you run a ...
With the increased investment (via IRA bill) in the IRS infrastructure and no new stimulus or tax credit programs, it is expected that refund processing and payment (see estimated refund schedule) will be much smoother this year. Stimulus checks or pandemic related tax credit boosts are no lo...
2024 quarterly estimated tax payments normally due on January 15, 2025, and 2025 estimated tax payments normally due on April 15, 2025. Quarterly payroll and excise tax returns normally due on October 31, 2024, January 31, 2025, and April 30, 2025. In addition,...
Self-employment tax covers your contributions to Social Security and Medicare. The tax rate is 15.3% of your net profit, which includes: 12.4% for Social Security 2.9% for Medicare Estimated tax payments You may also be required to makequarterly estimated tax paymentsto the IRS to avoid underpa...
You can request a tax extension if you need more time to file a tax return. Important: An extension does not give you more time to pay taxes owed penalty free.If you cannot pay what you owe, you should pay as little or as much as you can or set up a payment plan with the IRS,...
After July 17, 2023, tax refunds from a 2019 tax return cannot be claimed and are surrendered to the IRS. It is estimated that around $1.5 billion is waiting to be claimed by taxpayers who neglected or failed to file 2019 Taxes. Jan. 11, 2023: California Storm Victims California storm...
Individuals who had a valid extension to file their 2023 return due to run out on Oct. 15, 2024. Calendar-year corporations whose 2023 extensions run out on Oct. 15, 2024. Quarterly estimated tax payments due on Jan. 15, and April 15, 2025. ...
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If you have any of these types of income coming in, then you might need to pay estimated taxes during the year. Paying estimated taxes The estimated tax payment is based on an estimation of your income for the current year. As such, it is possible to underestimate, resulting in a...