Gaiser’s Monthly UPDATE
APRIL 2017
445 Dolley Madison Rd | Suite 208 | Greensboro, NC 27410 | 336.285.0829
Quote of the Month: “We can do anything we want to if we stick to it long enough.” -Helen Keller
Quick Tip: The four estimated tax payments are generally due each year on the 15th of April, June, September and January. But if that date falls on a weekend or federal holiday, the 1040-ES filling deadline is pushed to the following business day. Source: www.bankrate.com
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G GAISER FINANCIAL GROUP
You May Need to Make Estimated Tax Payments If… You may have to make estimated tax payments if you earn income that is not subject to withholding, such as income from self-employment, interest, dividends, alimony, rent, realized investment gains, prizes, and awards. You also may have to pay estimated taxes if your income tax withholding on salary, pension, or other income is not enough, or if you had a tax liability for the prior year. Please consult a professional with tax expertise regarding your individual situation.¹ Continued on back
APRIL 2017
How to Pay Estimated Taxes If you are filing as a sole proprietor, partner, S corporation shareholder, and/or a selfemployed individual and expect to owe tax of $1,000 or more when you file a return, you should use Form 1040-ES, Estimated Tax for Individuals, to calculate and pay your estimated tax. You may pay estimated taxes either online, by phone, or through the mail.²
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How to Figure Estimated Tax To calculate your estimated tax, you must include your expected adjusted gross income, taxable income, taxes, deductions, and credits for the year. Consider using your prior year's federal tax return as a guide. When to Pay Estimated Taxes For estimated tax purposes, the year is divided into four payment periods, each with a specific payment due date. If you do not pay enough tax by the due date of each of the payment periods, you may be charged a penalty, even if you are due a refund when you file your income tax return. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in taxes after subtracting their withholdings and credits, or if they paid 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.³
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1) The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. 2) IRS.gov, 2016 3) IRS.gov, 2016 The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2016 FMG Suite. Investment Advisory Representative of Retirement Wealth Advisors Inc. (RWA), 89 Ionia Ave NW Suite 600, Grand Rapids, MI 49503 (800) 903-2562. Investment Advisory Services are offered through RWA. Stoneridge Insurance Services, LLC dba Gaiser Financial Group and RWA are not affiliated.