La Quinta, CA
(760) 895-3516

Tuesday, May 5, 2015

Penalty for Missing Quartlery Estimated Tax Insallments or Paying Less than 25%

Should you be filing estimated income tax installment payments for your self employed income? There will be a penalty imposed if, by the quarterly tax installment payment date, less than 25% of the required minimum estimated income tax installment payment was not paid.

Does the Penalty for Missing Quarterly Estimated Tax Installments Apply? 

To figure out how much you need to be paying for each quarterly estimated income tax installment payment, you will need to determine your quarterly income tax installment amounts.

This penalty is determined each and every quarter by the IRS. This penalty will not be imposed if:
  • The actual income tax liability for the tax year is less than $1,000
  • There was no income tax liability for the previous income tax year
  • The IRS has waived the requirement to pay quarterly estimated tax installment payments

Borders Bookkeeping is an income tax preparer. We will be happy to help you with estimated income tax payments and paying quarterly income tax installments.

Call Borders Bookkeeping

(760) 895-3516