December 2, 2014
If you have been procrastinating in making your estimated payments for 2014 fear not it is not too late. The final estimated payment for 2014 is not due until January 15, 2015. But don’t wait to get ahold of your CPA at the last minute. Take the time this month to meet with your CPA to have your return estimated. Make sure to be prepared with the appropriate documentation pertaining to 2014 along with a list of questions.
The Internal Revenue Service (IRS) requires you to make quarterly estimated tax payments for calendar year 2014 if both of the following apply:
•you expect to owe at least $1,000 in federal tax for 2014, after subtracting federal tax withholding and credits, and
•you expect federal withholding and credits to be less than the smaller of:◦90% of the tax to be shown on your 2014 federal tax return, or
◦100% of the tax shown on your 2013 federal tax return (only applies if your 2013 tax return covered 12 months – otherwise refer to 90% rule above only).(Yale University).
So don’t wait. Set up that appointment today.