{"id":357,"date":"2018-12-21T18:20:32","date_gmt":"2018-12-21T18:20:32","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=357"},"modified":"2018-12-21T18:20:32","modified_gmt":"2018-12-21T18:20:32","slug":"irs-make-estimated-tax-payment-now-avoid-tax-time-surprise","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/irs-make-estimated-tax-payment-now-avoid-tax-time-surprise\/","title":{"rendered":"IRS: Make an estimated tax payment now to avoid a tax time surprise"},"content":{"rendered":"<p>IR-2018-255, December 19, 2018<\/p>\n<p>WASHINGTON \u2014 The Internal Revenue Service today advised employees, whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for the year, that they can still avoid a tax-time surprise by making a quarterly estimated tax payment directly to the IRS. The deadline for making a payment for the fourth quarter of 2018 is Tuesday, Jan. 15, 2019.<\/p>\n<p>Although the Tax Cuts and Jobs Act (TCJA), the tax reform law enacted last December, lowered tax rates for most people, it also nearly doubled the standard deduction and limited or discontinued many deductions, among other changes. Though most 2018 tax filers are still expected to get refunds, the number who owe tax, and in some cases a penalty, is likely to be larger than in recent years, and many of them are likely to be people who have always gotten refunds.<\/p>\n<p>Taxpayers who itemized in the past who now choose to take advantage of the increased standard deduction, as well as two-wage-earner households, employees with nonwage sources of income and those with complex tax situations, are at most risk of having too little tax withheld from their pay. This is especially true if they didn\u2019t update their withholding earlier this year.<\/p>\n<p>In addition, various financial transactions, especially those occurring late in the year, can often have an unexpected tax impact. Examples include year-end and holiday bonuses, stock dividends, capital gain distributions from mutual funds and stocks, bonds, real estate or other property sold at a profit. For anyone at risk for a tax-time surprise, making an estimated tax payment soon is the fastest and easiest solution. <a title=\"Form 1040-ES, Estimated Tax for Individuals\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040-es\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"525fbe55-d5f7-43f2-8450-46ed8d4b4567\">Form 1040-ES<\/a>, available on IRS.gov, includes a useful worksheet for figuring the right amount to pay. This form also includes a quick rundown of key tax changes and the federal income tax rate schedules for 2018.<\/p>\n<p>A companion publication, <a title=\"Publication 505, Tax Withholding and Estimated Tax\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-505\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"a104f1d8-7f5d-4959-a0a9-ccd66882d7c6\">Publication 505<\/a>, Tax Withholding and Estimated Tax, has additional details, including worksheets and examples, that can be especially helpful to those who have dividend or capital gain income, owe alternative minimum tax or self-employment tax, or have other special situations.<\/p>\n<p>The fastest and easiest way to make an estimated tax payment is to do so electronically using IRS <a title=\"Direct Pay\" href=\"https:\/\/www.irs.gov\/payments\/direct-pay\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"7ca5ed8a-025d-4b3b-97c5-a0ce49eec971\">Direct Pay<\/a> or the Treasury Department\u2019s Electronic Federal Tax Payment System (<a title=\"EFTPS: The Electronic Federal Tax Payment System\" href=\"https:\/\/www.irs.gov\/payments\/eftps-the-electronic-federal-tax-payment-system\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"25ecb27f-cb23-4148-8a92-02cba9785897\">EFTPS<\/a>). For information on other payment options, visit IRS.gov\/payments. If paying by check, be sure to make the check payable to the \u201cUnited States Treasury.\u201d<\/p>\n<p>Though it\u2019s too early to file a 2018 return, it\u2019s never too early to get ready for the tax-filing season ahead. Though a good idea any year, starting early is a particularly good idea this year, when most tax filers will face revised tax rates and an altered array of deductions and credits.<\/p>\n<p>To help anyone wishing to sketch out their return early, the IRS has already posted the 2018 <a title=\"Form 1040, U.S. Individual Income Tax Return\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"d6635433-611d-474d-aea4-0f816139e0bf\">Form 1040<\/a> and its instructions. Many supplemental forms and schedules have also been posted and others are being added every day.<\/p>\n<p>Two other useful resources are <a title=\"Publication 5307, Tax Reform: Basics for Individuals and Families\" href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p5307.pdf\" data-entity-substitution=\"pup_linkit_media\" data-entity-type=\"media\" data-entity-uuid=\"dac97b08-f64b-48bb-a3a3-e92a71f65e35\">Publication 5307<\/a>, Tax Reform: Basics for Individuals and Families, and <a title=\"Publication 5318, Tax Reform What\u2019s New for Your Business\" href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p5318.pdf\" data-entity-substitution=\"pup_linkit_media\" data-entity-type=\"media\" data-entity-uuid=\"da77200f-e37b-4035-95db-6fafec6fcfe2\">Publication 5318<\/a>, Tax Reform What\u2019s New for Your Business. For other tips and resources, check out the <a title=\"Steps to Take Now to Get a Jump on Next Year\u2019s Taxes\" href=\"https:\/\/www.irs.gov\/individuals\/steps-to-take-now-to-get-a-jump-on-next-years-taxes\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"e5d7a992-a77a-4a3f-bcc8-65d30f6aca05\">Get Ready<\/a> page on IRS.gov.\u00a0 https:\/\/www.irs.gov\/newsroom\/irs-make-an-estimated-tax-payment-now-to-avoid-a-tax-time-surprise<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2018-255, December 19, 2018 WASHINGTON \u2014 The Internal Revenue Service today advised employees, whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for the year, that [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,1,3],"tags":[],"class_list":["post-357","post","type-post","status-publish","format-standard","hentry","category-business","category-general","category-tax-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS: Make an estimated tax payment now to avoid a tax time surprise - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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