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tax guide
First quarter deadline to
make estimated federal
tax payments is April 18
Th e Internal Revenue Service reminds those
who make estimated tax payments such as
self-employed individuals, retirees, investors,
businesses, corporations and others that the
payment for the fi rst quarter of 2022 is due
Monday, April 18.
Th e 2022 Form 1040-ES, Estimated Tax for
Individuals, can help taxpayers estimate their
fi rst quarterly tax payment.
Income taxes are a pay-as-you-go process.
Th is means, by law, taxes must be paid as
income is earned or received during the year.
Most people pay their taxes through withholding
from paychecks, pension payments,
Social Security benefi ts or certain other government
payments including unemployment
compensation.
Most oft en, those who are self-employed or
in the gig economy need to make estimated
tax payments. Similarly, investors, retirees
and others oft en need to make these payments
because a substantial portion of their income
is not subject to withholding. Other income
generally not subject to withholding includes
interest, dividends, capital gains, alimony and
rental income. Paying quarterly estimated taxes
will usually lessen and may even eliminate any
penalties.
Exceptions to the penalty and special
rules apply to some groups of taxpayers,
such as farmers and fishers, casualty and
disaster victims, those who recently became
disabled, recent retirees and those
who receive income unevenly during the
year. See Form 2210, Underpayment of
Estimated Tax by Individuals, Estates
and Trusts, and its instructions for more
information.
How to pay estimated taxes
Form 1040-ES, Estimated Tax for Individuals,
includes instructions to help taxpayers fi gure
their estimated taxes. Th ey can also visit
IRS.gov/payments to pay electronically. Th e
best way to make a payment is through IRS
Online Account. Th ere taxpayers can see their
payment history, any pending payments and
other useful tax information.
Taxpayers can make an estimated tax payment
by using IRS Direct Pay; Debit Card,
Credit Card or Digital Wallet; or the Treasury
Department’s Electronic Federal Tax Payment
System (EFTPS). If paying by check, taxpayers
should be sure to make the check payable to the
“United States Treasury.”
Publication 505, Tax Withholding and Estimated
Tax, has additional details, including
worksheets and examples, that can be especially
helpful to those who have dividend or capital
gain income, owe alternative minimum tax
or self-employment tax, or have other special
situations.
IRS.gov assistance 24/7
Tax help is available 24/7 on IRS.gov. Th e IRS
website off ers a variety of online tools to help
taxpayers answer common tax questions. For
example, taxpayers can search the Interactive
Tax Assistant, Tax Topics and Frequently Asked
Questions to get answers to common questions.
Th e IRS is continuing to expand ways to
communicate to taxpayers who prefer to get
information in other languages. Th e IRS has
posted translated tax resources in 20 other
languages on IRS.gov. For more information,
see We Speak Your Language.
— Courtesy of the IRS
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