It’s that time of year again – time to start thinking about your quarterly taxes. For many of us, this is a dreaded task. But it doesn’t have to be! There are a few simple things you can do to make sure you don’t end up paying any penalties on your quarterly taxes.
The best way to find the right information for you is to do the research, talk to professionals and weigh your options. Armed with the right information, you can make a better-informed decision that puts your needs, and budget, first. OnlineLoansFlorida.com is a experienced personal finance blog. They writing blogs and articles on money, debt and loans since 2010.
1. Know the deadline.
The first and most important thing you can do to avoid paying penalties on your quarterly taxes is to know the deadline. The IRS imposes a penalty for late payments, so it’s important to make sure you know when your payment is due.
2. Make your payment on time.
This may seem like an obvious one, but it’s important to make sure you actually make your payment on time. Many people forget to do this, and then they end up paying penalties.
3. Pay by check or money order.
If you’re paying by check or money order, make sure you include the correct information on the check or money order. This includes your name, address, daytime phone number, and the tax year for which you’re making the payment.
4. Pay electronically.
If you’re paying electronically, you’ll need to provide your bank account information. This includes your routing number and account number. You’ll also need to provide your Social Security number.
5. Use the correct form.
When you’re making your quarterly tax payment, you’ll need to use the correct form. The most common form used for quarterly tax payments is Form 1040-ES.
6. Include the correct amount.
Make sure you include the correct amount with your payment. You can find the correct amount by using the IRS’s online tax payment calculator.
7. Sign and date your check or money order.
If you’re paying by check or money order, don’t forget to sign and date the check or money order.
8. Keep a copy of your payment.
Once you’ve made your payment, make sure you keep a copy of it for your records. This will come in handy if you ever need to prove that you made your payment on time.
By following these simple tips, you can avoid paying penalties on your quarterly taxes.