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IRS Newswire April 5, 2024

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Issue Number: ???IR-2024-95

Inside This Issue
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*IRS reminder: 2024 first quarter estimated tax payment deadline is April 15*

*IRS YouTube Videos*

"Estimated Tax Payments ? ""English" [ [link removed] ]" | ""Spanish" [ [link removed] ]" |"" ASL" [ [link removed] ]""

WASHINGTON ?The Internal Revenue Service today advised taxpayers, including self-employed individuals, retirees, investors, businesses and corporations about the April 15 deadline for first quarter estimated tax payments for tax year 2024.

Since income taxes are a pay-as-you go [ [link removed] ] process, the law requires individuals who do not have taxes withheld to pay taxes as income is received or earned throughout the year. Most people meet their tax obligations by having their taxes deducted from their paychecks, pension payments, Social Security benefits or certain other government payments including unemployment compensation.

Generally, taxpayers who are self-employed or in the gig economy are required to make estimated tax payments [ [link removed] ]. Likewise, retirees, investors and others frequently need to make these payments because a significant portion of their income is not subject to withholding.

When estimating quarterly tax payments, taxpayers should include all forms of earned income, including part-time work, side jobs or the sale of goods or services commonly reported on Form 1099-K [ [link removed] ].

Income such as interest, dividends, capital gains, alimony and rental income is normally not subject to withholding. By making quarterly estimated tax payments, taxpayers can avoid penalties [ [link removed] ] and uphold their tax responsibilities.

Certain groups of taxpayers, including farmers and fishers, recent retirees, individuals with disabilities, those receiving irregular income and victims of disasters are eligible for exceptions to penalties and special regulations [ [link removed] ].

Following recent disasters, eligible taxpayers in Tennessee [ [link removed] ], Connecticut [ [link removed] ], West Virginia [ [link removed] ], Michigan [ [link removed] ], California [ [link removed] ] and Washington [ [link removed] ] have an extended deadline for 2024 estimated tax payments until June 17, 2024. Similarly, eligible taxpayers in Alaska [ [link removed] ], Maine [ [link removed] ] and Rhode Island [ [link removed] ] have until July 15, 2024, and eligible taxpayers in Hawaii [ [link removed] ] have until Aug. 7, 2024. For more information, visit Tax relief in disaster situations [ [link removed] ]. __

In addition, taxpayers who live or have a business in Israel, Gaza or the West Bank, and certain other taxpayers affected by the terrorist attacks in the State of Israel [ [link removed] ], have until Oct. 7, 2024, to make estimated tax payments.

*Paying estimated taxes*

Taxpayers can rely on Form 1040-ES, Estimated Tax for Individuals [ [link removed] ], for comprehensive instructions on computing their estimated taxes.

Opting for the IRS Online Account [ [link removed] ] streamlines the payment process, allowing taxpayers to view their payment history, monitor pending payments and access pertinent tax information. Taxpayers have several options to make an estimated tax payment, including IRS Direct Pay [ [link removed] ],* *Debit Card, Credit Card, Digital Wallet [ [link removed] ]* *or the Treasury Department's Electronic Federal Tax Payment System (EFTPS) [ [link removed] ].

To pay electronically and for more information on other payment options, visit IRS.gov/payments [ [link removed] ]. If paying by check, be sure to make the check payable to the "United States Treasury."

Publication 505, Tax Withholding and Estimated Tax [ [link removed] ], offers detailed information for individuals navigating dividend or capital gain income, alternative minimum tax or self-employment tax, or who have other special situations.

*Tax Withholding Estimator*

The IRS recommends taxpayers use the Tax Withholding Estimator tool [ [link removed] ] to accurately determine the appropriate amount of tax withheld from paychecks.

Regularly monitoring withheld taxes helps mitigate the risk of underpayment, reducing the likelihood of unexpected tax bills or penalties [ [link removed] ] during tax season. It also allows individuals to adjust withholding upfront, leading to larger paychecks during the year and potentially smaller refunds at tax time.

*Filing Options*

The IRS encourages people to file their tax returns electronically [ [link removed] ] and choose direct deposit [ [link removed] ] for faster refunds. Filing electronically reduces tax return errors because tax software does the calculations, flags common errors and prompts taxpayers for missing information.

The IRS offers free online and in-person tax preparation options for qualifying taxpayers through the IRS Free File program [ [link removed] ] and the Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs [ [link removed] ].

In addition, the Direct File [ [link removed] ] pilot program, a new option that allows eligible taxpayers to file their federal tax returns online directly with the IRS for free, is currently available in 12 participating states.

*Assistance available 24/7 on IRS.gov *

IRS.gov [ [link removed] ] offers tax assistance 24/7. To address general tax concerns, taxpayers can access various online tools on the IRS website, to include the Interactive Tax Assistant [ [link removed] ], Tax Topics [ [link removed] ] and Frequently Asked Questions [ [link removed] ] to get answers to common questions.**

The IRS has also posted translated tax resources in 20 other languages on IRS.gov to communicate to taxpayers who prefer to get information in other languages. For more information, see the IRS Languages [ [link removed] ] page on IRS.gov.

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