Estimated tax payments are due four times a year. For 2014 for instance, the dates were April 15, June 16, Sept. 15, and Jan. 15, 2015. You will notice the date for the first payment was the same as the deadline for your 2013 taxes. It may be necessary to redo the estimates throughout the year due to changes in circumstances; for example, you may have a capital gain from selling stock at some point in the year.
Additionally, life events like the birth of a child or marriage can alter the deductions and credits you can claim and the amount of estimated tax you owe. With the online system, it is easy to make these alterations. Now it is possible to cancel or change a payment up to two days before the due date.
Do not sign up for EFTPS at the last minute, because it can take five to seven days for your PIN to be sent to you via email. Once you have received your PIN, you can set up your quarterly estimated tax payments online, enter your checking account information, and decide on the dates you want the payments withdrawn.
Apart from the PIN, you will not receive emails from the IRS or Electronic Federal Tax Payment System (EFTPS). This means you must not reply to any emails claiming to be from either organization. Such emails are fraudulent attempts at gaining access to vital personal information, and if you receive such an email, report it to phishing@irs.gov. It has never been easier to make estimated tax payments, so now you have no excuse for not being up to date.
For further questions about Phoenix tax planning accounting, please contact Singer Tax & Accounting, PC today at (602) 482-8006.