When Are Quarterly Income Taxes Due ?
Paying quarterly taxes on time saves one from paying a fine at the end of the year. It may seem like a big hassle to pay taxes every third or fourth month in the year, but it saves one from fines and stress during the tax time in April. Also, neglecting to pay your taxes on time may result in spending the amount on something else. Later, one can be in a quandary to raise that money.
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Single owner of businesses or individuals who make money on investments have to use Federal Form Schedule C to file their income from business and investments. Payments are scheduled on the 15 April, June, and September 2009 and the 15th January, 2010. The tax paid in April, is for the money earned between the periods of 1 January to 31 March. One needs to fill the Federal Form 1040-ES.
Business owners who run their business in partnership have to pay on the 15th of the fourth month at the end of the partnership’s tax year. The form to be filled is Federal Form 1065. Corporations have to pay on the 15th day of the third month at the end of the corporation’s tax year. The form for corporations is Federal Form 1120.
One can pay their taxes based on the previous year’s income if it is expected to be the same or higher from the previous year. Or, calculate the total amount to be paid throughout the year based on April’s tax, and divide it equally into four payments and send it on the appointed dates. The latter method works well with most taxpayers.
In case, the due date falls on a weekend or a holiday, then one can file taxes the next working day.
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