{"id":52064,"date":"2022-09-06T09:43:26","date_gmt":"2022-09-06T16:43:26","guid":{"rendered":"https:\/\/lapost.us\/?p=52064"},"modified":"2022-09-06T09:43:26","modified_gmt":"2022-09-06T16:43:26","slug":"irs-sept-15-is-the-deadline-for-third-quarter-estimated-tax-payments","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=52064","title":{"rendered":"IRS: Sept. 15 is the deadline for third quarter estimated tax payments"},"content":{"rendered":"<p>IR-2022-157, <strong>Sept. 6, 2022,\u00a0WASHINGTON<\/strong> \u2013 The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is Sept. 15, 2022.<\/p>\n<p>&nbsp;<\/p>\n<p>Taxpayers not subject to withholding, such as those who are self-employed, investors or retirees, may need to make <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/estimated-taxes\">quarterly estimated tax payments<\/a>. Taxpayers with other income not subject to withholding, including interest, dividends, capital gains, alimony, cryptocurrency and rental income, also normally make estimated tax payments.<\/p>\n<p>&nbsp;<\/p>\n<p>In most cases, taxpayers should make estimated tax payments if they expect:<\/p>\n<ul>\n<li>To owe at least $1,000 in taxes for 2022 after subtracting their withholding and tax credits.<\/li>\n<li>Their withholding and tax credits to be less than the smaller of:\n<ul>\n<li>90% of the tax to be shown on their 2022 tax return or<\/li>\n<li>100% of the tax shown on their 2021 tax return. Their 2021 tax return must cover all 12 months.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Special rules apply to some groups of taxpayers, such as farmers, fishermen, casualty and <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/disaster-assistance-and-emergency-relief-for-individuals-and-businesses\">disaster victims<\/a>, those who recently became disabled, recent retirees and those who receive income unevenly during the year. <a href=\"https:\/\/www.irs.gov\/publications\/p505\">Publication 505, <\/a>Tax Withholding and Estimated Tax, provides more information on estimated tax rules. The worksheet in <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040-es\">Form 1040-ES,<\/a> Estimated Tax for Individuals, or <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1120-w\">Form 1120-W,<\/a> Estimated Tax for Corporations, has details on who must pay estimated tax.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>How to figure estimated tax <\/strong><\/p>\n<p>To figure estimated tax, individuals must figure their expected Adjusted Gross Income (AGI), taxable income, taxes, deductions and credits for the year.<\/p>\n<p>&nbsp;<\/p>\n<p>When figuring 2022 estimated tax, it may be helpful to use income, deductions and credits for 2021 as a starting point. Use the 2021 federal tax return as a guide. Taxpayers can use Form 1040-ES to figure their estimated tax.<\/p>\n<p>&nbsp;<\/p>\n<p>The <a href=\"https:\/\/www.irs.gov\/individuals\/tax-withholding-estimator\">Tax Withholding Estimator<\/a> on IRS.gov offers taxpayers a clear, step-by-step method to have their employers withhold the right amount of tax from their paycheck. It also has instructions to file a new <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-w-4\">Form W-4<\/a> to give to their employer to adjust the amount withheld each payday.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>How to avoid an underpayment penalty<\/strong><\/p>\n<p>Taxpayers who underpaid their taxes may have to pay a penalty. This applies whether they paid through withholding or through estimated tax payments. A penalty may also apply for late estimated tax payments even if someone is due a refund when they file their tax return.<\/p>\n<p>&nbsp;<\/p>\n<p>To see if they owe a penalty, taxpayers should use <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-2210\">Form 2210<\/a>, Underpayment of Estimated Tax by Individuals, Estates, and Trusts. Taxpayers can also see the Form 2210 <a href=\"https:\/\/www.irs.gov\/instructions\/i2210\">instructions<\/a> under the \u201cWaiver of Penalty\u201d section. The IRS may waive the penalty if someone underpaid because of unusual circumstances and not willful neglect. Examples include:<\/p>\n<ul>\n<li>Casualty, disaster or another unusual situation.<\/li>\n<li>An individual retired after reaching age 62 during a tax year when estimated tax payments applied.<\/li>\n<li>An individual became disabled during a tax year when estimated tax payments applied.<\/li>\n<li>Specific written advice from an IRS agent given in response to a specific written request. The taxpayer must provide copies of both.<\/li>\n<\/ul>\n<p>The fourth and final 2022 estimated tax payment is due Jan. 17, 2023.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Other IRS.gov resources<\/strong><\/p>\n<ul>\n<li>The <a href=\"https:\/\/www.irs.gov\/payments\">Pay<\/a> tab on the front page of IRS.gov provides complete tax payment information, how and when to pay, payment options and more.<\/li>\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-2210\">Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts<\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-2220\">Form 2220, Underpayment of Estimated Tax by Corporations<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2022-157, Sept. 6, 2022,\u00a0WASHINGTON \u2013 The&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-52064","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/52064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52064"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/52064\/revisions"}],"predecessor-version":[{"id":52065,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/52064\/revisions\/52065"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}