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IRS Tax Tips June 13, 2022
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Issue Number:?Tax Tip 2022-90
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*What taxpayers need to know about making 2022 estimated tax payments*
By law, everyone must pay tax as they earn income. Generally taxpayers must pay at least 90 percent of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two. If they don?t, they may owe an estimated tax penalty when they file. Some taxpayers earn income not subject to withholding. For small business owners and self-employed people, that usually means making quarterly estimated tax payments [ [link removed] ].
*Here are some key things to help taxpayers determine if they need to make estimated tax payments*:
* Generally, taxpayers need to make estimated tax payments if they expect to owe $1,000 or more when they file their 2022 tax return, after adjusting for any withholding.
* The IRS urges anyone in this situation to check their withholding using the?Tax Withholding Estimator [ [link removed] ]?on IRS.gov. If the estimator suggests a change, the taxpayer can submit a new?Form W-4? [ [link removed] ]?to their employer.
* Aside from business owners and self-employed individuals, people who need to make estimated payments also include sole proprietors, partners and S corporation shareholders. It also often includes people involved in the?sharing economy [ [link removed] ].
* Corporations generally must make these payments if they expect to owe $500 or more on their 2022 tax return.
* Aside from income tax, taxpayers can pay other taxes through estimated tax payments. This includes self-employment tax and the alternative minimum tax.
* The remaining deadlines for paying 2022 quarterly estimated tax are: June 15, Sept. 15, and Jan. 17, 2023.
* Taxpayers can check out these forms for details on how to figure their payments:
* Form 1040-ES, Estimated Tax for Individuals [ [link removed] ]?
* Form 1120-W, Estimated Tax for Corporations [ [link removed] ]
* Taxpayers can visit IRS.gov to find options for paying estimated taxes. These include:
* Direct Pay [ [link removed] ]?from a bank account.
* Paying by?credit or debit card [ [link removed] ]?or the?Electronic Federal Tax Payment System [ [link removed] ].
* Mailing a check or money order [ [link removed] ]?to the IRS.
* Paying cash at a retail partner [ [link removed] ].
* Anyone who?pays too little tax? [ [link removed] ]through withholding, estimated tax payments, or a combination of the two may owe a penalty. In some cases, the penalty may apply if their estimated tax payments are late. The penalty may apply even if the taxpayer is due a refund.
*More information*:
About From 1040 [ [link removed] ]
Form 1120 Instructions [ [link removed] ]
Publication 505, Tax Withholding and Estimated Tax [ [link removed] ]
Share this tip on social media -- #IRSTaxTip: What taxpayers need to know about making 2022 estimated tax payments. [link removed]
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