FAQs
For your convenience, We have compiled a list of questions often asked by new clients. If your questions are not answered here or you need further information, then please contact us via e-mail or via phone at 603.382.8867 and we’ll be happy to help you. We look forward to hearing from you soon.
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January 15-April 15
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April 16-December 31
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Friday
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For Individuals
5. How do I know if I have to file quarterly individual estimated tax payments?
Estimated tax payments can be used to pay Federal income tax, self-employment tax, and household employment tax. To estimate if you need to pay tax on income not subject to withholding or on other income from which not enough tax is withheld:
Generally, you should make estimated tax payments if you will owe tax of $1,000 or more, after whithholding and credits, and the total amount of tax withheld and your credits will be less than the smaller of:
- 90% of the tax to be shown on your current tax return, or
- 100% of the tax shown on your prior year's tax return, if your prior year's tax return covered all 12 months of the year. However, if your prior year's adjusted gross income exceeded $150,000, or $75,000 if you filed a separate return from your spouse, then you must pay 110% instead of 100% of last year's tax.
Please note that the first year Schedule C business profits and/or increased unearned revenue also qualify for making quarterly estimates to avoid being penalized by the IRS.
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