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
General Rule: An estimated lax penalty can be avoided if, generally, the required annual estimated tax
payments equal the lesser of:
WASHINGTON -- The Internal Revenue Service announced today that it is waiving the estimated tax
penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax
payments fell short of their total tax liability for the year.
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.
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.
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.
Compare your income now with what you anticipated when you set up your 2015 tax withholding or estimated tax
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.
Who must pay the estimated tax
and what penalties are imposed for underpayment of the tax?
((JL)) (GE) Estimated Tax
Revenues (2009) Unit: NT$B Item Central Estimated tax
government's revenues budget goal Amount Income tax Corporation 405.2 377.8 Individual 394.8 362.3 Commodity tax 142.9 119.4 Business tax 259.1 210.4 Land value 65.5 47.6 increment tax Securities trading tax 122.0 109.2 Deed tax 12.7 10.0 Total (excluding 1,650 1,480 customs tax) Item Estimated tax
Shortage revenues percentage (%) Shortage Income tax Corporation 27.4 -6.8 Individual 32.5 -8.2 Commodity tax 23.5 -8.2 Business tax 48.7 -18.8 Land value 17.9 -27.3 increment tax Securities trading tax 12.8 -10.5 Deed tax 2.7 -21 Total (excluding 168.3 -10.2 customs tax) Source: MOF
* prepayments toward the tax (i.e., withholding or estimated tax