If you haven’t already, it’s time to file your taxes before they are due this upcoming Tuesday, April 15, 2014. For those who are self-employed, you also have to make sure cover your estimated taxes for the first quarter.
When are Estimated Taxes Due?
Estimated taxes are due on an almost quarterly basis. Our tax system in the United States is basically pay as you go – when you work as an employee your taxes are deducted from your paycheck each time. If you’re self-employed you are responsible for making the deductions.
Here are the upcoming due dates for 2014.
- April 15, 2014 (1st Quarter)
- June 16, 2014
- September 15, 2014
- January 15, 2015
Payment Methods for Estimated Taxes
The goods news is that paying your quarterly taxes is pretty simple, with several options open to you.
- Mail- Check the IRS to see which location is correct one for you.
- Phone – Electronic Federal Tax Payment System has phone lines to take your payments
- 1-800-555-4477 (businesses)
- Online –Electronic Federal Tax Payment System
I personally pay my federal and state taxes online. It’s quick and it’s easy. If you want to find out how to enroll for EFTPS, check out my post on TurboTax’s blog to find out. If you underpay your taxes, there are penalties. The IRS will send you the bill.
Thoughts on Quarterly Taxes
How many of you have already taken care of your estimated taxes for the first quarter? How’s business going this year?
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