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Noun

estimated tax - income tax paid periodically on income that is not subject to withholding taxes; based on the taxpayer's predicted tax liability

income tax - a personal tax levied on annual income

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References in periodicals archive

If you are not paying your 2019 income tax through withholding (or will not pay enough tax during the year that way), pay the second installment of your 2019 estimated tax.

Tax calendar

General Rule: An estimated lax penalty can be avoided if, generally, the required annual estimated tax payments equal the lesser of:

IRS news

The last date for filing returns is 30th September and those who cannot file returns till due date should pay estimated tax to get an extension, said Chief Commissioner, Inland Revenue, Regional Tax Office Rawalpindi Dr.

No extension is the date for filing returns: Chief Commissioner

Therefore, any reduction in an estimated tax payment resulting from the use of the annualization method must be added to the next estimated payment (if any) not based on annualization.

Strategies for minimizing estimated tax payments

The IRS can assess many types of penalties against taxpayers: late-filing penalties, late-payment penalties, estimated tax penalties, accuracy-related penalties--and the list goes on.

Abating IRS penalties: ways to reduce or even eliminate common assessments

To find out if you are subject to estimated tax payments or to learn more about making estimated tax payments, please contact the Internal Revenue Service at 1-800-829-1040 or visit the IRS website at www.irs.gov.

-3Q estimated taxes due September 17 this year

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