Estimated Tax Payments in Bonney Lake, WA

At Wheeler Corr Tax Solutions, our tax advisors know that estimated tax payments are a crucial component of effective tax planning. After all, navigating the complexities of estimated taxes can be daunting, but our expert team is here to provide you with the guidance and support you need. Whether you’re a freelancer, small business owner, or someone with diverse income sources, we can help you manage your tax obligations and optimize your tax outcomes.

Understanding Estimated Tax Payments

Who Needs to Pay Estimated Taxes?

Estimated tax payments are typically required for individuals, including sole proprietors, partners, and S corporation shareholders, who expect to owe at least $1,000 in taxes when their return is filed. If your income comes from sources such as self-employment, interest, dividends, alimony, rental income, or gains from the sale of assets, you may need to make these payments. Ensuring that you meet these obligations can prevent penalties and interest charges from the IRS.

When Are Estimated Tax Payments Due?

The IRS requires estimated tax payments to be made quarterly:

• First Quarter: Due April 15
• Second Quarter: Due June 15
• Third Quarter: Due September 15
• Fourth Quarter: Due January 15 of the following year

Missing these deadlines can result in costly penalties. At Wheeler Corr Tax Solutions, we help you stay on top of these due dates and ensure timely payments, and offer tax resolution services when necessary.

How to Make Estimated Tax Payments

There are several methods to make estimated tax payments:

• Online Payment: Use the IRS online payment portal for quick and secure transactions.
• Mail: Send a check or money order with the appropriate payment voucher (Form 1040-ES) to the IRS.
• Electronic Funds Withdrawal: Schedule automatic withdrawals if you e-file your tax return.

We assist you in choosing the most convenient and efficient payment method for your needs. We also offer a service to where we will pay all quarterly payments for both Fed and State on your behalf, taking the struggle of remembering to make payments off your plate.  Reach out to us for details.