Estimated tax payments are a way to pay taxes when they are not withheld from your paycheck. Estimated tax payments are due every four months on the 15th of the month. Generally, they are due on April 15th, June 15th, Sept. 15th, and Jan. 15th. The deadline for each of these payments is a business day, but the rules for farmers, fishermen, and people with uneven incomes may vary. See Publication 505 for more details.
As part of your estimated tax payment, make sure you have your voucher. Failure to submit your tax payment on time can result in penalties or lost payments. You can use MyFTB to view your estimated tax payments online. This is a convenient way to make your payments. You can also pay online by credit card, though it comes with a 3% nonrefundable fee. Regardless of whether you want to pay by credit card or mail, be sure to get a receipt for your payment to avoid penalties.
If you have no taxable income, you don’t need to make an estimated tax payment. If you file your state income tax return by January 15, you’ll have to pay the balance of your estimated taxes by March 1. If you don’t pay by the January 15 deadline, you’ll be charged an additional fee. That’s why you should plan your estimated tax payments accordingly. If you pay your taxes too late, you could end up paying more than you should.
Remember to make all your estimated tax payments on time. If you do not, you could lose your tax refund. If you’re self-employed, it’s particularly important to make an estimated tax payment each year. If you owe more than $1,000, you’ll be subject to penalties if you don’t meet this deadline. In this case, you should use Form 2210.
You can make estimated tax payments by self-employment or as an independent contractor. If you earn a lot of money from self-employment, you’ll need to make estimated tax payments on any non-withheld income. Your financial advisor can help you calculate your estimated taxes. You’ll also need to know when the payments are due if your income isn’t fully withheld from your paycheck. But if you’re self-employed, you’ll need to estimate how much you owe before filing your annual tax return.
If your income is lower than you expect to make this year’s tax payment, you can choose to make fewer payments. But you’ll also have to pay underpayment penalties. So, if you’re thinking about cutting your tax payments, don’t go too close to the 90 percent mark. You could even find yourself with a higher tax bill than you had originally expected. Just be sure to make your payments on time.
Part-year taxpayers and nonresidents in Wisconsin are also required to make estimated tax payments. Even if they haven’t filed their Wisconsin tax return last year, they must do so for this year. Nonresidents must compute their expected income for 2022 by applying the appropriate credits and withholding. The estimated tax payments are due on April 15th. If you haven’t filed your tax return by April 15, you can make them by filing Form U.