Estimated Taxes Payment Schedule

Who Must Pay Estimated Tax?

If you are filing as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return.
If you are filing as a corporation you generally need to make estimated tax payments for your corporation if you expect the corporation to owe tax of $500 or more when you file the tax return.

Due Dates:

Q1 January 1-March 31 – DUE April 18, 2016

Q2 April 1- May 31, 2016 DUE June 15, 2016

Q3 June 1 – August 31, 2016 DUE September 15, 2016

Q4 September 1 – December 31, 2016 DUE January 17, 2017

Missing payments can equal to hefty penalties for you and your business. If you need help filing your estimated taxes please contact us today 888.391.9993 or info@greenfs.com.

 

Individuals and Businesses Can Apply for a Payment Plan with the IRS

The IRS has payment plan options for taxpayers. The application allows you or your authorized representative (Power of Attorney) to apply for an installment agreement if you cannot pay your taxes in full at this time.

Qualifying as an Individual

If you owe $50,000 or less in combined tax, penalties and interest, and filed all required returns. You may also qualify for a short term agreement if your balance is under $100,000. You will need the following to apply:

  • Name
  • Valid e-mail address
  • Address from most recently processed tax return
  • Date of birth
  • Filing status
  • Your Social Security Number (or spouse’s if filed jointly) or Individual Tax ID Number (ITIN)

If you previously registered to get an Identity Protection PIN (IP PIN) or IRS transcript, you may log in using the same user name and password.

Applying as Power of Attorney – POA for an individual? You need:

  • Taxpayer’s Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
  • Your Centralized Authorization File (CAF) number
  • Caller ID from notice or POA’s signature date on Form 2848
  • Taxpayer’s last year’s Adjusted Gross Income (if 2014 was recently filed, then use 2013’s AGI)

Qualifying as a Business

You owe $25,000 or less in combined tax, penalties and interest for the current year or last year’s liabilities, and filed all required returns.

  • Your Employer Identification Number (EIN)
  • Date your EIN was assigned (MM/YYYY)
  • Address from most recently processed tax return
  • Your Caller ID from notice

Applying as Power of attorney – POA for Business  for a business? You need:

  • Taxpayer’s Employer Identification Number (EIN)
  • Your Centralized Authorization File (CAF) number
  • Caller ID from notice or POA’s signature date on Form 2848

Based on the type of agreement requested, you may also need:

  • Business address of most recently filed tax return
  • Tax form filed or examined
  • Tax period filed or examined