Welcome Guest. Register Now!  



Find a tax professional cpa near you

Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 01-16-2007, 03:35 PM
Junior Member
 
Join Date: Jan 2007
Posts: 14
Estimated tax payments 1040-Es vouchers

Who is required to pay estimated taxes, every year I receive a letter with 1040 Es vouchers, what do I do with them?

Ty..

Tanya

Last edited by atgadmin : 01-17-2007 at 12:56 AM. Reason: Title
Reply With Quote
  #2 (permalink)  
Old 01-17-2007, 12:32 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 1,864
Blog Entries: 3
1040 Estimated tax vouchers

Dear Tanya,

The reason you received these vouchers is because either you are self-employed sole proprietorship or you owed taxes in prior years tax filings.

One reason is to satisfy the projected shortfall in the current tax year and the other reason is to avoid paying penalties and interest. Hence, the IRS are sending you these coupons.

You need to consult with your CPA to ensure that you are withholding the proper amounts of federal income taxes, and if not, use these coupons to make up the potential shortfall.
Reply With Quote
Ads
Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Twitter
» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 
Forum for CPAs
 
Financial Planning