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Estimated Taxes at A Glance

If you are self-employed, or if you have income other than your salary, (from a business, alimony, stock sales, rent, dividends and other sources) you may need to pay estimated taxes each quarter to square your tax bill with the IRS. Estimated tax is a method of paying tax on income that is not subject to withholding tax. The IRS requires estimated tax to be paid quarterly, typically in 4 equal installments. For the 2018 tax year, these dates are April 17, June 15, September 17, and January 15, 2019.

Can’t File Your Taxes On Time? Here’s What To Do!

This year’s tax-filing deadline is Tuesday, April 17. Don’t procrastinate. If you feel as if you need more time to file your tax return, filing an extension may be your best option. Taxpayers needing more time can get an automatic six-month extension from the IRS. Being granted an extra six months to file sounds great, there are also downsides to consider. Plus, if you wait until the last minute, and your extension request has been denied you may be hit with certain penalties.

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