Personal Taxes

How do you pay Estimated Taxes?

If you are a self-employed person, you are simultaneously required to pay your Federal Taxes on your business income which also includes your contributions to your Social Security. With the new year upon us, it's good to know how to pay these taxes most efficiently.

EFTPS. You can set up an account at which requires them sending you a pin. EFTPS is also used for businesses to pay their 941 taxes.

Direct Pay. If you have your previous year's AGI (Adjusted Gross Income), you can most quickly make estimated tax payments at Direct Pay. Just log on and pay. It's the fastest way assuming you have AGI.

1040-ES. The old school way of paying estimates is to mail in a check with a 1040ES Coupon. The address to send the payment is on the coupon instructions.

If you haven't paid enough into 2017, that's life. Time to move on to 2018 taxes. Staying current on taxes in the present year opens a lot of doors: helps possibility of getting penalties waived, puts you in a position to make an Offer in Compromise if you meet the criteria and allows you to resolve the back taxes thru other methods like installment agreements or Currently Not Collectible.

Is 2024 the year to solve your tax issue? WATAX is ready to assist you now. Please call us at 1-888-282-4697 or email us a description of your tax issue and we'll contact you promptly.

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