3 Tips for Paying Estimated Taxes

Tip # 1: Make your payment on time. The US has a pay-as-you-go tax system, meaning the IRS expects you to make smaller payments of your tax liability through-out the year rather than waiting until the end of the year. If you don’t make quarterly payments and just decide to pay in a lump sum,…

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Midyear is Here- Time to Check Your Estimates!

The year is already half over and many people are travelling to see family for the Fourth of July. Small adjustments to your estimated payments mid-year can be the difference between being on target with your estimates or owing the IRS a lot of penalties and interest. It is especially important to check your estimates…

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Second Quarter Estimated Payment Due 6/17!

Believe it or not, we are almost six months through the year. If you are a member of the clergy who is treated as self-employed in regards to Social Security and Medicare taxes, your second quarter estimated payment is due on 6/17/2019. The United States has a pay-as-you-go tax system. The Internal Revenue Service expects…

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What is the Estimated Tax Penalty?

The United States has a “pay-as-you-go” tax system. Rather than waiting for the end of the year to get their taxes, the government wants taxpayers to pay smaller portions of tax throughout the year. For most wage-earners, they don’t even need to think about it- Their employer takes money out of their paycheck and pays…

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First Quarter Estimated Payment Due

In addition to filing and paying your 1040 return, your first quarterly estimated payment will be due on April 15, 2019.  If you are a Clergy Financial client and have not yet received your updated estimated payments for 2019, you should continue to pay the same estimated amount to federal/state as you have in the…

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Government Shut Down, but Estimated Payments Still Required.

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…

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Reminder: Third Quarter Estimated Taxes Due!!!

Clergy are subject to estimated tax payments on a quarterly basis which include federal, social security and state taxes. For example, when you receive clergy income in the first quarter of the year, the taxes are due at the end of that quarter. The year is divided into four payment periods, or due dates, for…

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How Can Clergy Pay Estimated Taxes?

How to pay estimated tax. You normally make estimated tax payments four times a year. The dates that apply to most people for 2016 are April 18, June 15 and Sept. 15. There is one last payment on Jan. 17, 2017. You can pay online, by phone or from your mobile device. Direct Pay is…

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When Paying the IRS, Handle Checks With Care

Always provide the reason for the payment, the form number, and tax year on the front of the check – for instance, “balance due on 2015 Form 1040” or “2016 estimated payment.”  Also include your daytime telephone number and Social Security number (joint filers should enter the number shown first on their return). Writing separate…

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