#form 1040-es

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IRS says a Paycheck Checkup helps avoid tax surprises

IRS says a Paycheck Checkup helps avoid tax surprises

WASHINGTON — The Internal Revenue Service is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year.

Because income taxes are pay-as-you-go, taxpayers are required by law to pay most of their tax as income is received. There are two ways to do this:

• Through…

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Estimated Taxes

Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have to make estimated tax payments. If you are in business for…

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Business taxpayers should take another look at their estimated tax payments

Business taxpayers should take another look at their estimated tax payments

Taxpayers who pay quarterly estimated tax payments may want to revisit the amount they pay. The Tax Cuts and Jobs Act changed the way most taxpayers calculate their tax. These taxpayers include those with substantial income not subject to withholding, such as small business owners and self-employed individuals. The tax reform changes include:

Revised tax rates and brackets

New and revised…

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Done with taxes this year? Use 2018 return to get 2019 withholding right

Done with taxes this year? Use 2018 return to get 2019 withholding right

WASHINGTON — Millions of taxpayers filed a 2018 tax return in the last few weeks, making now a prime time for everyone to consider whether their tax situation came out as they expected. If it didn’t, they can use their recently finished 2018 return and the IRS Withholding Calculator to do a Paycheck Checkup and adjust their withholding.

Checking and then adjusting their tax withholding can…

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IRS reminds taxpayers to adjust tax withholding to pay the right tax amount

IRS reminds taxpayers to adjust tax withholding to pay the right tax amount

WASHINGTON — With this year’s average tax refund around $2,700, the Internal Revenue Service reminds taxpayers they have options to control the amount of their take-home pay and the size of their tax refund by adjusting their tax withholding.

A Paycheck Checkupusing the IRS Withholding Calculator can help taxpayers determine the right amount of tax they should have their employer withhold…

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