2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
The 2022 Gift Tax Return Deadline Is Coming Up Soon
HUD Strengthens the Effects Test
President Biden’s Proposed Budget Includes Notable Tax Provis...
As we approach what would have been the June 15 estimated quarterly tax payment due date, Doeren Mayhew wants to remind individuals and corporations they have until July 15 to make their payment without penalty due to the COVID-19 outbreak.
Taxpayers, including individuals and businesses, need to pay taxes as income is received either by having it withheld from pay, pension or certain government payments such as Social Security; or by making quarterly estimated tax payments during the year. Furthermore, an underpayment penalty can be avoided by owing less than $1,000 at tax time or by paying most of the taxes during the year. Generally, for 2020 that means making payments of at least 90% of the tax expected on their 2020 return.
To estimate tax withholding amounts, taxpayers can use the Tax Withholding Estimator to help avoid having to pay estimated tax by asking their employer to withhold more tax from their earnings.
Taxpayers can make estimated tax payments electronically and schedule them up to 30 days in advance with Direct Pay or up to 365 days in advance with the Electronic Federal Tax Payment System.
Doeren Mayhew is here to assist you and your business calculate your estimated quarterly tax payments and proper withholdings, contact our tax advisors today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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