Even though the Government is currently shut down, IRS has not yet changed any of the deadlines for making estimated payments. This means that if you are required to make quarterly estimated payments, your final estimated payment for 2018 is still due Tuesday, January 15th of 2019.
Make sure you remember to make your last estimated payment on time for 2018 to avoid estimated tax penalties!
The Internal Revenue Service requires estimated quarterly tax payments for your 1040 return if:
- You expect to owe $1,000 or more for 2018 (after subtracting withholding and refundable credits), or
- You expect your withholding and refundable credits to be less than the smaller of:
- 90% of the tax shown on your 2018 tax return, or
- 100% of the tax shown on your 2017 tax return.
Do you have questions about making your estimated payments? Do you have concerns about your estimated payments being enough to cover your tax liability? Clergy Financial Resources offers Estimated Payment Support.
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
For more information or if you need additional assistance, please use the contact information below.
Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369
Tel: (763) 425-8778
Fax: (888) 876-5101