facebook-24x24

PHOENIX — The Internal Revenue Service today reminded taxpayers who need to make quarterly estimated tax payments that their next payment is due Friday, Sept. 15.

Most often, self-employed people, including those involved in the sharing economy, need to pay their taxes quarterly. Similarly, investors and retirees, as well as others with a substantial amount of income that is not subject to withholding, often need to make these payments. Besides self-employed income, other income generally not subject to withholding includes interest, dividends, capital gains, alimony and rental income.

Some people who haven't made estimated tax payments in the past may want to consider making them now. This includes many of those who had a large amount due when they filed their 2016 return. Taxpayers who receive most of their income late in the year should also consider this option.

People who received an estimated tax penalty notice (CP30) this summer from the IRS should also consider making these quarterly payments. Normally, this penalty applies to those who pay too little of their total tax, usually less than 90 percent, during the year through withholding, estimated tax payments or a combination of the two.

Exceptions to the penalty and special rules apply to some groups of taxpayers, such as farmers, fishers, casualty and disaster victims, those who recently became disabled, recent retirees, those who base their payments on last year's tax and those who receive income unevenly during the year. See Form 2210 and its instructions for more information.

For tax-year 2017, estimated tax payments are due April 18, June 15 and Sept. 15, 2017, and Jan. 16, 2018. Use Form 1040-ES to figure these payments.

Victims of Hurricanes Harvey and Irma and other recent disasters have more time to make these payments, without penalty. Visit the special Hurricane Harvey and Hurricane Irma pages and the disaster relief page on IRS.gov for details.

The fastest and easiest way to make estimated tax payments is to do so electronically using IRS Direct Pay or the Treasury Department's Electronic Federal Tax Payment System (EFTPS). For information on other payment options, visit IRS.gov/payments. For those who choose to pay by check, be sure to make the check payable to the United States Treasury.

Many taxpayers, such as employees who may have additional income that is not subject to withholding can choose to forgo making estimated tax payments and instead increase the amount of income tax withheld from their pay. Employees can do this by filling out a new Form W-4 and giving it to their employer. Similarly, recipients of pensions and annuities can make this change by filling out Form W-4P and giving it to their payer.

In either case, taxpayers can typically increase their withholding by claiming fewer allowances on their withholding form. If that's not enough, they can also ask employers or payers to withhold an additional flat dollar amount each pay period. For help determining the right amount to withhold, check out the Withholding Calculator on IRS.gov.

Taxpayers who receive Social Security benefits, unemployment compensation and certain other government payments can also choose to have federal tax taken out by filling out Form W-4V and giving it to their payer. Some restrictions apply, so see the form and its instructions for details.

More information about tax withholding and estimated tax can also be found in Publication 505, available on IRS.gov.

Join GCB Three Times Weekly Updates

Welcome to Three Times Weekly Updates! You will be subscribed to email notifications with links to recently posted articles.
captcha 
You can unsubscribe anytime. We never share or rent your email to anyone.

Fire Alerts

Editor's Note

The Beat as a new column for you gardeners out there. The Grant County Extension Service will bring you monthly columns on gardening issues. The first one posted is on Winterizing your houseplants and patio plants.

The Beat totally appreciates its readers!  

WARNING:

All articles and photos indicated by a byline are copyrighted to the author or photographer. You may not use any information found within the articles without asking permission AND giving attribution to the source. Photos can be requested and may incur a nominal fee for use personally or commercially.

Don't forget to tell advertisers that you saw their ad on the Beat.

Feel free to notify editor@grantcountybeat.com, if you notice any problems on the site. Your convenience is my desire for the Beat.

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn advertising fees by advertising and linking to Amazon.com.

If you subscribe to the Join GCB Three Times Weekly Updates option on the left side of this page, you will be subscribed to email notifications with links to recently posted articles.

Note: This is another component that is in progress of going to a different software to make it easier for you to use and find classifieds that interest you. Check Out Classifieds. And look at Sponsors to see who is helping the Beat.

It's really easy to check to see if there's a classified ad. Just click on Classifieds in the blue menu and the page will open letting you know if there is a classified ad. Remember that your buying classified ads gives you a wide readership, as well as supporting the Beat. Post YOURS for quick results!

Note that if an article does not have a byline, it was sent to the Beat and written by someone not affiliated with the Beat

When you click on the blue and orange button on the upper left side of most pages, you will find out how you can help the Beat defray its expenses, which, with increased readership, continue to grow. You will arrive at a page that gives you options of how you can Help the Beat. All help is greatly appreciated and keeps the news you want and need coming into your browser.

Consider the Beat your DAILY newspaper for up-to-date information about Grant County. It's at your fingertips! One Click to Local News.

Thanks for your support for and your readership of Grant County's online news source—www.grantcountybeat.com