September 15: 3rd Quarter Estimated Tax Payments Due for 2010
Topic: WorkingPoint News | Comments Off on September 15: 3rd Quarter Estimated Tax Payments Due for 2010
3rd Quarter Estimated Tax Payments for 2010 are due next week on September 15, WorkingPoint wants to make sure you’re prepared and avoid any penalties!
According to About.com, “You need to pay in at least enough tax through a combination of withholding and estimated payments to avoid the estimated tax penalty. To avoid the penalty, you will need to pay in at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller, according to the IRS.“
WorkingPoint’s Tax Reports can be found here to help you calculate the amount you should pay to avoid these interest charges from overpayment!
Tax Reports help you prepare your taxes, whether you pay them monthly, quarterly or yearly. Tax reports are typically tax form specific – meaning a specific tax report helps you fill out a specific tax form, for example, a 1099 report helps you complete the IRS Form 1099.
Small business tax information and reporting can be intimidating, especially if you are not a tax professional. Using tax reports can help make filing your taxes easier by transforming your business activity from the way it makes sense to you, to the way it make sense to the IRS and other tax agencies. Tax reports can help you save time and avoid stressing out over what you owe to agencies and how much by helping you track the information you need to file a specific report.
Once you have your business activity updated in WorkingPoint for the period you want to report on, you’ll be able to see what is happening in your business from a tax perspective with the click of a button.
With WorkingPoint Tax reporting, you can generate time-saving tax reports, including:
- The 1099 Report, which tracks payments you made to 1099 eligible companies and individuals.
- The Estimated Tax Report, which helps you estimate your federal income taxes for quarterly reporting based on IRS tax schedules for the current year.
- The Sales Tax Report, which tracks your taxable and non-taxable sales including sales tax collected by city, county and state.
Customize your reports by selecting a predefined or custom date range, print as a PDF, export your data to Open Office or Microsoft Excel® with formulas and formatting intact and expand and collapse categories to get more or less detailed.
The IRS has a worksheet available for Form 1040-ES which can also help you calculate the minimum amount of estimated tax you should pay to avoid the penalty. The worksheet also includes all of the current year figures for standard deductions and tax rates, to help you obtain an accurate figure for this year’s estimated payments. You can also view a sample estimated tax calculation.