Estimated Payments Clarified!

When IRS first extended the filing deadline, they also extended the first estimated payment of the year. Initially they did not extend the second estimated payment, but they have since changed this, leaving a lot of taxpayers in a lot of confusion. Here are some of the most common questions about 2020 estimated payments clarified:…

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What is an “Estimated Tax Penalty”?

An estimated tax penalty is a fee that IRS can charge you if you don’t pay your taxes in smaller increments throughout the year. Most W-2 wage earners don’t realize it, but their withheld tax is being sent to the government by their employer on a quarterly, monthly or semi-weekly basis. For self-employed individuals (like…

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Do I have to make estimated tax payments?

The United States has a “pay as you go” tax system. The IRS expects payment of income tax and other taxes throughout the year, rather than receiving a lump sum payment. For most people, this is covered by W-2 withholding, but members of the clergy are exempt from mandatory withholding. You must make estimated payments…

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What are Estimated Payments?

For those just starting as Clergy, you may not be familiar with how clergy taxes are paid. The United States has a pay-as-you-go tax system. This means that the Internal Revenue Service expects you to pay your taxes throughout the year, rather than just making a lump sum payment in December. For the majority of…

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Third Estimated Payment Due Sept. 16th

As Summer comes to a close, Clergy and other Self-Employed individuals prepare to make their third estimated tax payment for the year. The third payment is normally due September 15th, but since the 15th falls on a Sunday, the due date is pushed to Monday the 16th. If you used Clergy Financial Resources to prepare…

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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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