Reminder: Estimated Tax Payment Deadline Postponed to July 15
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.
Who Has to Pay
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.
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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