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Five Tax Tips on Making Estimated Tax Payments
If you do not have taxes withheld from your income or are self-employed, you may need to make
estimated tax payments.
Here are five tips about making estimated tax payments:
1. When the tax applies.
If you expect to owe at least $1,000 in tax for 2017 after subtracting withholding and
refundable credits. Note: Special rules apply to fishermen and farmers.
2. How to figure the tax.
Begin by estimating the amount of income you expect to receive for the year. Be sure to
consider any tax deductions and credits you may be eligible to claim. Use Form 1040-ES,
Estimated Tax for Individuals, to figure and pay any estimated tax.
3. When to make payments.
Normally, estimated tax payments are made four times a year. For 2017, the dates that
apply to most are April 18, June 15 and Sept. 15. There is also one last payment on Jan. 16,
2018.
4. When to change tax payments or withholding.
If you have experienced major life changes (birth of a child, etc.), you may want to revise
your estimated tax payments for the year. If you are an employee, consider adjusting the
amount of tax withheld from your paycheck by giving your employer a new Form W–4,
Employee's Withholding Allowance Certificate. Anyone can use the IRS Withholding
Calculator tool at IRS.gov to complete the form.
5. How to pay estimated tax.
You can pay online, by phone or even from your mobile device. Direct Pay is a secure
online service used to pay a tax bill or pay estimated tax directly from a checking or
savings account (at no cost). Visit IRS.gov/payments for additional information. You can
also pay by mail using payment vouchers that come with Form 1040-ES.
Remember to keep a copy of your tax return.
Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted
Gross Income (AGI) amount from their prior-year tax return to verify their identity. Learn more
about how to verify identity and electronically sign tax returns at Validating Your Electronically
Filed Tax Return.
Essential Tax Services
13168 Piedmont Vista Drive
Haymarket, VA
Zip: 20169
PH: 703-754-2601

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Five Tax Tips on Making Estimated Tax Payments

  • 1. Five Tax Tips on Making Estimated Tax Payments If you do not have taxes withheld from your income or are self-employed, you may need to make estimated tax payments. Here are five tips about making estimated tax payments: 1. When the tax applies. If you expect to owe at least $1,000 in tax for 2017 after subtracting withholding and refundable credits. Note: Special rules apply to fishermen and farmers. 2. How to figure the tax. Begin by estimating the amount of income you expect to receive for the year. Be sure to consider any tax deductions and credits you may be eligible to claim. Use Form 1040-ES, Estimated Tax for Individuals, to figure and pay any estimated tax. 3. When to make payments. Normally, estimated tax payments are made four times a year. For 2017, the dates that apply to most are April 18, June 15 and Sept. 15. There is also one last payment on Jan. 16, 2018. 4. When to change tax payments or withholding. If you have experienced major life changes (birth of a child, etc.), you may want to revise your estimated tax payments for the year. If you are an employee, consider adjusting the amount of tax withheld from your paycheck by giving your employer a new Form W–4, Employee's Withholding Allowance Certificate. Anyone can use the IRS Withholding Calculator tool at IRS.gov to complete the form. 5. How to pay estimated tax. You can pay online, by phone or even from your mobile device. Direct Pay is a secure online service used to pay a tax bill or pay estimated tax directly from a checking or savings account (at no cost). Visit IRS.gov/payments for additional information. You can also pay by mail using payment vouchers that come with Form 1040-ES. Remember to keep a copy of your tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Learn more about how to verify identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return. Essential Tax Services 13168 Piedmont Vista Drive Haymarket, VA Zip: 20169 PH: 703-754-2601