Missing an estimated tax payment can be expensive, even if you're expecting a refund later. Understanding who needs to make estimated tax payments, how they're calculated, and when they're due can help you avoid unnecessary IRS penalties and better manage your business cash flow.
In this video, we discuss:
• Who is required to make estimated tax payments
• Income sources that may require quarterly estimated taxes
• How estimated taxes are calculated using Form 1040-ES
• Important IRS payment deadlines and payment options
• Common reasons taxpayers receive underpayment penalties
• Practical strategies to stay compliant and avoid costly IRS penalties
Whether you're self-employed, own an S corporation, receive investment income, or have income without tax withholding, this episode provides practical guidance to help you stay ahead of your tax obligations.
Plan ahead. Pay on time. Avoid unnecessary penalties.
⏱️ Timestamps:
00:00 – Why estimated tax payments matter
00:25 – Welcome to Biz Help for You
00:34 – What estimated tax payments are
00:59 – Who needs to make estimated tax payments
01:37 – Why estimated taxes exist
02:14 – Income that may require estimated tax payments
03:28 – Who may qualify for an exception
04:05 – How estimated taxes are calculated
04:49 – IRS estimated tax payment deadlines
06:03 – Payment options and avoiding late payments
06:26 – How IRS underpayment penalties work
07:22 – Three key estimated tax reminders
07:47 – Final tips and why planning ahead matters
08:07 – Closing thoughts
Resources: https://affordablebookkeepingandpayroll.com/resource-opt-in
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