Category: Tax Advice
If you owed on your return this year, consider making Estimated Payments to the IRS in the upcoming tax year.
Sometimes taxpayers elect or are required to make estimated payments to the IRS throughout the year in expectation of the following year's tax liability. If your return this year results in an amount due, you may want to consider either:
- Having your employer withhold more taxes from your paycheck each pay period; OR
- Making quarterly estimated payments to the IRS throughout the year.
If you already make estimated payments throughout the tax year, or plan on doing so in the upcoming tax year, you can easily prepare your payment vouchers for mailing within your TaxSlayer account. To prepare the estimated payment vouchers in our program, select Federal Section > Payments and Estimates > Vouchers for Next Year Estimated Payments. Enter the amounts that you expect to pay for each quarter (April 15th, June 16th, September 15th, and January 15th). When you print a copy of your return, the payment voucher will print for each expected estimated payment that was entered. In addition, Form 1040-ES will print, allowing you to keep track of your payments with such information as the date they were sent and the check number of the check that was used for payment.
NOTE: Entering amounts in the section for Vouchers for Next Year Estimated Payments will not set up your payments to be electronically debited by the IRS. Entering this information will just cause the payment vouchers to print for mailing. You would still need to mail in your estimated payments throughout the year.