Information form irs.gov
If you don’t have taxes withheld or you don’t have enough tax withheld, you may need to make estimated tax payments ( If you are self-employed you normally pay your taxes this way). When making estimated tax payments remember:
- You should pay estimated taxes for 2015 if you expect to owe at least $1,000 in tax for 2016 after subtracting your withholding and refundable credits.
- Figure the tax by estimating the amount of income you expect to receive for the year. Also make sure that you take into account any tax deductions and credits that you will be eligible to claim.
- Make estimated tax payments four times a year: for 2016 the dates are April 18, 2016 June 15, 2016, Sept. 15, 2016 and Jan. 17, 2017.
- Major life changes can affect your taxes. When these changes happen, you may need to revise your estimated tax payments during the year.
- You can pay estimated tax payments online, via mail, by phone or from your mobile device. If you pay by mail, use the payment vouchers Form 1040ES-V.
