Trucker Tax service
nationwide tax consultant to the otr driver
Who Does Not Have To Pay Estimated Tax
If you receive salaries and wages, you can avoid having to pay estimated tax by asking your employer to withhold more tax from your earnings. To do this, file a new Form W-4 with your employer. There is a special line on Form W-4 for you to enter the additional amount you want your employer to withhold.
If you receive a paycheck, the Tax Withholding Estimator will help you make sure you have the right amount of tax withheld from your paycheck.
You don’t have to pay estimated tax for the current year if you meet all three of the following conditions.
You had no tax liability for the prior year if your total tax was zero or you didn’t have to file an income tax return. For additional information on how to figure your estimated tax, refer to Publication 505, Tax Withholding and Estimated Tax.
all year, then make one payment. But, sometimes we can't do that. So, if you find yourself in a position where you have to make quarterly payments, then let us help. For $75 per quarter, we will do that for you. Just fill out our Quarterly Estimated Tax Payment form, and that will give us the information we need to estimate your tax liability and help you make that payment.
Quarterly Payments - Sounds simple, but like everything else that sounds simple, it really isn't. Wouldn't it be better to put what you think you owe the IRS in the bank, let it earn interest
Who Must Pay Estimated Tax
Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.
Corporations generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.
You may have to pay estimated tax for the current year if your tax was more than zero in the prior year.