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Video instructions and help with filling out and completing where do i mail my federal estimated tax payment

Instructions and Help about where do i mail my federal estimated tax payment

Hey guys it's Anthony Fontana here I'm an IRS enrolled agent with ei tax resolutions and today I'm answering my clients favorite question how do I pay the IRS okay so how do we pay the IRS is a great question we got five ways that we can pay the IRS you can pay when you file online by phone by mail or through believe it or not the IRS has a smartphone app that you can use to pay the IRS okay let's start with the easiest way to pay the IRS it's when you file so if you Eve files most people do beware most efile software providers do not offer the credit or debit card option to pay the IRS some do you'll want to check with the e-file software provider before starting to prepare your return if that's what you're thinking of how to pay for your taxes just be aware if you do use the card they will charge a processing fee - for your transaction now if you're gonna use your check in their savings account all you'll need is the account number the routing number and a date you want the funds to be withdrawn from your bank account be sure the date is before your due date and once you click a file the IRS will then take the funds out of your bank account on the chosen date now on the flip side if you pay per file which some people still do all you have to do is include a check or money order in the envelope that you include your tax return in be sure to make the check or money order payable to the Department of the Treasury and include your social security number the tax year and the tax form that you're filing on the memo line of the check or money order to make sure the IRS doesn't apply your payment to someone else's account now on to the second option online so depending if you want to use the debit or credit card or the check in your savings account you know there's various websites you have to use so the checking or savings account will not incur any processing fee and you were using the Iris's direct website it's called iris direct pay and when you use their website which I will include a link in the description below you'll need to have your tax return handy as they will be asking for information from your return you know to verify who you are and your paint for the to count now if you want to use the debit or credit card option the IRS has three companies that they use for these transactions they do include processing fees however it works to pay for your taxes so I'll include a link to the three various websites to use for your debit or credit card online another option to pay for your taxes.

FAQ

Where do I mail my federal tax return?
Where you mail it depends upon where you live, and what kind of return you file. Instructions to your form, (1040, 1040NR, etc) include the address to which you should send the form.Here is a link:Where to File Paper Tax Returns With or Without a Payment
How do I make estimated federal and state tax payments in order to avoid tax penalty?
Estimated tax payment can be made with your tax filings, if done by a professional or you can go to An official website of the United States government and pay Federal Taxes or Set up an accoung with the Electronic Fedetal Payment System web site.Most states Department of Revenue or Taxation make to simple for you to set up an account.You should pay in as much taxes you paid in the previous year for the fail safe exemption other wise you need to pay in at least 90% of the current year’s tax liability to avoid an estimated tax payment penalty, which is only 4% per year.
For my 2021 1st quarter estimated federal income tax payment, may I deduct a $3000 loss carried forward from 2016?
You can factor the loss in calculating your projected taxable income, but you don’t deduct loss carryforward dollar for dollar from the tax owed. It just reduces taxable income not tax due. If you are in the average tax bracket in the US, then that means you probably reduce total estimated payments by $600 for the current year or about $150 off each quarter’s payment.
How do independent contractors estimate their quarterly taxes?
There are some quick ways to do this. Some of the other answers lead you in that direction. Here’s my take on this:If you pay in an amount at least equal to what you paid in last year’s taxes ( the total tax bill), you won’t have a penalty. Yea, you might owe, but no penalty.If you don’t pay in, you’ll pay what is in essence interest, in the form of a non-deductible penalty. The interest rate is under 5% annualized. But, you will have a humongous tax bill.Maybe you can adjust your W-4, and have large withholding from your salary now, which takes care of most of the estimate. So, if you are married, claim single 0. It will hurt a bit on each paycheck, but you’ll pay in a lot more, maybe covering what you owe.To get an idea of what you owe on the independent contractor earnings, first you have to know what they are! Take what you received, and deduct your expenses. Remember, you may be entitled to an office in home, your mileage, and other easily missed deductions. (A CPA or EA would be a good person to help you this year‡ they’ll know how to calculate everything, and it’s a lot better than you struggling or guessing). With your net income calculated, you must figure your self employment tax ( at about 15%, and your income tax ( use 12% for fed, 3 - 5 % for most states). You’ll have a ballpark amount. ( I know, the rates are all over the place, I am just throwing you what I think most people end up at. Again, great reason to consult with a CPA or EA.)Kudo’s to you for being on top of this and not doing what some of my clients do, which is wait until next April and then have a heart attack, despite my pleading!
Where do you mail your payment for tax form 941?
It depends on which state you are in. Look on the IRS website for the Form 941 instructions and that should have the correct address for your location.
For New York state, are state quarterly estimated tax payments required in addition to federal quarterly estimated tax payments?
You have good answers.  The reason that quarterly estimated tax payments are required is taxes are based on the cash basis.  Taxes occur at the time of revenue/income.  Quarterly payments allow one to withhold more conveniently than with each transaction.  Most companies do withholding with each pay check which puts the tax closest to income event.  The Feds and NYS have penalties for underwithholding and a formula to calculate if you underwithheld on quarterly estimated payments.  Estimated taxes
How do I pay personal federal income tax by credit card? Should I make the payment after the IRS finished processing my tax return or can I just pay the amount I owe once I mail my tax return to the IRS?
I can’r speak for the USA, but in Australia if you wait for your return to be processed, you will receive a Notice of Assessment which either states that the refund has been paid to your bank account, or states a debt amount and a specific due date. The notice will also include details on how to pay, which includes credit card details: there is a special account in the Reserve Bank set up for credit card payments.If you want to pay early, you can get the necessary payment information through the MyGov website, but I see no reason why you would want to do this - unless you are lodging a return for a previous year, in which case the due date would probably now be some years ago, and waiting would only increase your interest debt.
How do I calculate estimated tax payments?
Typically you can use the prior year as a gauge for the next year and pay in approximately the same amount. However, if there are major changes from one year to the next you would need to adjust.Ultimately you calculate the amount of tax you expect to owe based off your taxable income and divide the payments into 4 installments.
Where do I mail my tax extension form 4868?
FAQs | Internal Revenue Service