Have you not made your estimated tax payments?

Posted on June 15, 2012

Are you self-employed? Your estimated tax payment for the second quarter of 2012 is due today. When you are a W-2-employee for a business, taxes are withheld from your wages. Your employer then sends the money to the IRS as prepayment of your anticipated tax liability for that year. At the end of the year, you receive a Form W-2 that lists your gross income and the taxes that were withheld. You then staple this document to your tax return and enjoy the benefit of the prepayment credits that were paid to the IRS throughout the year. However, when you are self-employed, you are, essentially, both the employer and the employee. As such, you are required to make estimated tax payments. Estimated tax payments are supposed to be made on a quarterly basis, namely April 15, June 15, September 15 and January 15 for any given year. Your second quarter estimated tax payment for 2012 is due today. Have you not made your estimated tax payments? Do you owe money to the IRS? Call us, we can help. Call 1-877-4-IRS-LAW or visit www.4irslaw.com.