When Tax Day Comes Four Times A Year

When Tax Day Comes Four Times a​ Year
For more than 10 million Americans,​ tax day comes up to​ four times a​ year .​
Many small business owners,​ as​ well as​ people earning income from investments,​ rental property or​ alimony,​ are often required to​ pay quarterly estimated taxes every April,​ June,​ September and January.
Many filers struggle to​ determine how much they owe,​ or​ worse,​ forget to​ make payments altogether-a costly mistake when underpayment typically results in​ additional penalties and fines .​
Paying estimated taxes is​ a​ real hassle,​ says Matt Hammond,​ a​ Tustin,​ California-based commercial real estate broker .​
Having to​ account for things like safe-harbor computations,​ percentages and special rules that apply can be complicated .​
In addition,​ just remembering to​ send my payment on​ time is​ difficult and then I​ worry if​ it​ got there .​
Last year,​ Hammond was one of​ the​ taxpayers whose payment to​ the​ IRS ended up at​ the​ bottom of​ San Francisco Bay when a​ truck carrying 30,​000 tax documents and payments tipped over .​
Fortunately,​ there are ways to​ make filing quarterlies easier .​
For instance,​ a​ new online service from the​ makers of​ TurboTax fully automates estimated tax calculations and payment .​
TurboTax Estimated Taxes can help eliminate the​ headaches and hassle associated with making estimated tax payments .​
The online service features a​ calculator to​ determine how much to​ pay,​ quarterly e-mail reminders and online record keeping,​ so tax-time surprises are a​ thing of​ the​ past .​
In addition,​ the​ service electronically files payments and provides confirmation from the​ IRS-meaning filers like Hammond may get some peace of​ mind.
When Tax Day Comes Four Times A Year When Tax Day Comes Four Times A Year Reviewed by Henda Yesti on July 07, 2018 Rating: 5

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