Estimated Tax Payments

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Allocating Estimated Payments for Taxable Refund Calculations

By | March 21st, 2017|Categories: Potpourri of Tax Topics|Tags: , |

When a taxpayer receives a refund of state income taxes, and the taxpayer took a deduction on their federal tax return, and some of the payments made to the state were estimated payments that may have been made in a different calendar year ... well, it can require some math to determine the taxable refund and the deductible portion of the estimated payment.

How to Calculate Estimated Tax Payments

By | February 13th, 2017|Categories: Small Business Tax and Accounting|Tags: , , |

A common question from business owners is, how and when do I calculate quarterly estimated tax payments?

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Can You Get a Refund if You Pay Nothing In?

By | November 11th, 2016|Categories: Potpourri of Tax Topics, Small Business Tax and Accounting|Tags: , , |

Answer: this discussion goes beyond sole proprietors, and the short answer is "maybe."

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From the Archives: How to Allocate the Deduction for Federal Estimated Tax Payments on Your Iowa Tax Return

By | May 31st, 2016|Categories: From the Archives|Tags: , , , |

Iowa allows a deduction for federal income taxes paid, including estimated tax payments. The deduction for estimated payments is not straightforward if you're filing your tax return as married filing separately.

Why Make Estimated Tax Payments?

By | October 28th, 2015|Categories: Small Business Tax and Accounting|Tags: , |

Why make estimated tax payments? Because it helps the self-employed person avoid falling hopelessly behind on their tax liabilities.