Avoid IRS Penalty for no 4th Qtr Estimate!

Title: If you skipped paying the IRS a fourth quarter 2012 Estimated Tax payment on January 15, 2013, did you know that you have another chance to avoid the penalties associated with paying your estimates late? break Description:. File your 2012 Form 1040, (Individual income Tax Return) and pay any balance due by Jan. 31, 2013 and avoid being penalized for paying your final estimate late. If you miss your fourth quarter 1040-ES Estimated Tax payment deadline (on Jan. 15, 2013) you can still avoid a penalty if you file your tax return by January 31, 2013 and pay any tax due. To qualify, you MUST pay all tax owed on the return. This may be done either online or by mailing a check with the return.

It’s best not to wait until the last minute, but if you find yourself at the post office at the very last minute, you certainly won’t be the only one there. If you must mail your tax return at the last possible minute, please get a receipt. Generally, if you owe taxes, being late with paying them &/or filing your tax returns can cause you to pay more, as you’ll incur additional penalties.  (Tip: Hire an excellent bookkeeper to avoid last minute emergencies, hint, hint…) Latest Date to File Tax Return to avoid penalties, if you owed but did not file the 4th quarter estimate: 2013-01-31

  5 comments for “Avoid IRS Penalty for no 4th Qtr Estimate!

  1. Nancy Gordon
    April 9, 2013 at 6:17 pm

    Can I pay our 1040-ES on line?

    • Ultimate Bookkeeper
      April 11, 2013 at 5:55 pm

      Yes Nancy the IRS accepts payment by mail, credit card, or online. The following instructions are from the IRS 2013 Form 1040ES Instructions:
      “How To Pay Estimated Tax:

      Pay Online
      Paying online is convenient and secure and helps make sure we get your payments on time. You can pay using either of the following electronic payment methods.
      -Direct transfer from your bank account.
      -Credit or debit card.
      To pay your taxes online or for more information, go to http://www.irs.gov/e-pay.

      Pay by Phone:
      Paying by phone is another safe and secure method of paying electronically. Use one of the following methods.
      -Direct transfer from your bank account.
      -Credit or debit card.
      To pay by direct transfer from your bank account, call EFTPS Customer Service at 1-800-555-4477 (English) or 1-800-244-4829 (Espanol). People who are deaf, hard of hearing, or have a speech disability and who have access to TTY/TDD equipment can call 1-800-733-4829.

      To pay using a credit or debit card, you can call one of the following service providers. There is a convenience fee charged by these providers that varies by provider, card type, and payment amount.
      Official Payments Corporation1-888-UPAY-TAXTM (1-888-872-9829)www.officialpayments.com
      Link2Gov Corporation1-888-PAY-1040TM (1-888-729-1040)www.PAY1040.com
      WorldPay1-888-9-PAY-TAXTM (1-888-972-9829)www.payUSAtax.com
      For the latest details on how to pay by phone, go to http://www.irs.gov/e-pay.

      Pay by Check or Money Order Using the Estimated Tax Payment Voucher
      There is a separate estimated tax payment voucher for each due date. The due date is shown in the upper right corner. Complete and send in the voucher only if you are making a payment by check or money order. If you and your spouse plan to file separate returns, file separate vouchers instead of a joint voucher.
      To complete the voucher, do the following.Print or type your name, address, and SSN in the space provided on the estimated tax payment voucher. If filing a joint voucher, also enter your spouse’s name and SSN. List the names and SSNs in the same order on the joint voucher as you will list them on your joint return.Enter in the box provided on the estimated tax payment voucher only the amount you are sending in by check or money order. When making payments of estimated tax, be sure to take into account any 2012 overpayment that you choose to credit against your 2013 tax, but do not include the overpayment amount in this box.Make your check or money order payable to “United States Treasury.” Do not send cash. To help process your payment accurately, enter the amount on the right side of the check like this: $ XXX.XX. Do not use dashes or lines (for example, do not enter “$ XXX—” or“$ XXX xx100”).Enter “2013 Form 1040-ES” and your SSN on your check or money order. If you are filing a joint estimated tax payment voucher, enter the SSN that you will show first on your joint return.Enclose, but do not staple or attach, your payment with the estimated tax payment voucher.

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