Estimated personal taxes for the 3rd payment of the 2015 tax year are due on September 15th. This also applies at the state and local level. These taxes must be paid by the due date to avoid interest & penalties. Below are the specific details.
Requirement: Make a payment for your estimated tax for the current year if you are not paying your income tax through withholding as part of payroll. This includes self-employment income, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards.
Who Must Pay: You are filing as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual or have investment income generated throughout the year, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return.
Amount Due: When figuring your estimated tax for the current year, it may be helpful to use your income, deductions, and credits for the prior year as a starting point. Generally, most taxpayers will avoid an underpayment penalty if they owe less than $1,000 in tax 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. Please note that for high-income earners, there is a special safe harbor. Specifically, if your 2014 adjusted gross income was more than $150,000 ($75,000 if you are married filing a separate return), you must pay the smaller of 90% of your expected tax for 2015 or 110% of the tax shown on your 2014 return to avoid an estimated tax penalty.
Federal Forms: Use Form 1040-ES to make the third installment of your estimated tax
State/Local Forms: Depends on the state and local tax jurisdiction. In NY state, estimated taxes are made via Form IT-2105. In NYC, estimated taxes are made via Form NYC-5UBTI.
How: We can file the form and make the payment on your behalf. If your company is interested, please contact us at [email protected] if you need our assistance.