The July 15th estimated tax deadline is here, here's what you need to know:
), to see if you owe a penalty for underpaying your estimated tax.
Lastly, keep in mind if you do end up owing a penalty, you can ask for a waiver based on “the failure to make estimated payments was caused by a casualty, disaster, or other unusual circumstance and it would be inequitable to impose the penalty.” While the IRS has stated the penalties through July 15th would be waived due to Covid-19, it also stated interest, penalties and additions to tax with respect to such postponed Federal income tax paymentsWhen trying to figure out how much you owe, I always recommend that you or your tax professional estimate the tax you’ll owe through tax projections. The projections should account for:
Total income including, net business income and other income such as wages, interest, dividends, etc.like contributions to a Health Savings Account , deductible self-employment tax , contributions to your self-employed retirement accounts and payments for your self-employed health insurance premiums You should also make adjustments if you think your income may increase or decrease the second half of the year or you have large, lump-sum expenses at different points in the year.
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