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Showing posts with the label Estimated tax

Beating the August Heat: Prepping the Fall & Winter Greenhouse

August in Alabama is notoriously hot, but if you want a thriving fall and winter harvest, right now is exactly when you need to start getting your hands dirty. Having a greenhouse is a huge advantage for extending the growing season, so I am rolling up my sleeves this weekend to get the fall crop preparation underway. Here is a look at what is going into the dirt this weekend, what is on the schedule for later this fall, and the long game for spring. ๐ŸŒฑ What I’m Planting This Weekend The planting window is perfectly timed right now, so these are the priority seeds going into the setup: Baby Broccoli: I just picked up these seeds, and they are going straight into the dirt! The window for broccoli closes by mid-August, and it is well-suited for direct seeding into the soil rather than using transplants. Spinach: The window also closes by mid-August. Because spinach has shallow roots, these seeds are going straight into the vertical stackable planters. Leaf Lettuce: Perfect for plantin...

๐Ÿ“… Day 12: Quarterly Taxes – A Simple Payment Plan Guide

 ๐Ÿ“… Day 12: Quarterly Taxes – A Simple Payment Plan Guide If you're self-employed or running a side business, quarterly taxes can feel like a ticking clock. Unlike traditional employees, you’re expected to pay taxes as you earn , four times a year. But what happens when cash flow is tight, deadlines sneak up, or life just gets in the way? That’s where a simple payment plan strategy can turn stress into structure. ๐ŸŽฏ Who Needs Quarterly Payments? If you expect to owe $1,000 or more in federal income tax (after subtracting withholdings and credits), the IRS wants you to pay quarterly: April 15 June 15 September 15 January 15 of the following year This includes gig workers, freelancers, small business owners, and even side hustlers with no employer withholding. ๐Ÿ’ก Building a Simple Payment Plan (Not the IRS One—Your Own!) Here’s a low-stress method to set aside taxes ahead of each deadline: Step 1: Estimate Your Annual Tax Liability Use last year’s return as a baseline...

What to Do If You Applied a Corporate Tax Payment to the Wrong Year in EFTPS

๐Ÿ’ผ What to Do If You Applied a Corporate Tax Payment to the Wrong Year in EFTPS Mistakes happen — even when you’re doing everything right. If your corporation made an estimated tax payment via EFTPS and accidentally applied it to the wrong tax year (say, you meant 2025 but selected 2024), don’t worry — the IRS can correct it. Here’s what happens, how long it takes, and what you can do to stay on top of it ๐Ÿ‘‡ ๐Ÿข You Paid for 2025… But Labeled It 2024 When you make an estimated tax payment through EFTPS and choose the wrong tax year — like selecting 2024 instead of 2025 — the payment gets posted to the wrong period . While it may seem like a small clerical error, this misapplied payment can: Affect your Form 1120 filing accuracy Throw off future quarterly estimates Potentially lead to underpayment or overpayment notices But good news: it can be fixed — and here’s how. ✅ What Happens When You Call the IRS If you’ve already called the IRS Business & Specialty ...

๋ฏธ๊ตญ ๋ฒ•์ธ์„ธ Estimated Tax ๋‚ฉ๋ถ€

  ๋ฏธ๊ตญ ๋ฒ•์ธ์„ธ Estimated Tax ๋‚ฉ๋ถ€ ์‹œ ๊ท€์† ์—ฐ๋„ ํ™•์ธ ํ•„์š” ๋ฏธ๊ตญ ๋ฒ•์ธ์˜ Estimated Tax(์˜ˆ๋‚ฉ์„ธ) ๋‚ฉ๋ถ€ ์‹œ, ๊ท€์† ์—ฐ๋„ ์„ค์ •์— ๋”ฐ๋ผ ๋ถˆํ•„์š”ํ•œ Penalty ๋ฐ Interest๊ฐ€ ๋ฐœ์ƒํ•  ์ˆ˜ ์žˆ์–ด ์ฃผ์˜๊ฐ€ ํ•„์š”ํ•ฉ๋‹ˆ๋‹ค. 1. ์˜ˆ๋‚ฉ์„ธ ๋‚ฉ๋ถ€์™€ ๊ท€์† ์—ฐ๋„์˜ ๋ถˆ์ผ์น˜ ๊ฐ€๋Šฅ์„ฑ ์˜ˆ๋‚ฉ์„ธ๋ฅผ ๋‚ฉ๋ถ€ํ•  ๋•Œ ์‹ค์ œ ๋‚ฉ๋ถ€ ์—ฐ๋„์™€๋Š” ๋‹ค๋ฅด๊ฒŒ, ์ด์ „ ์—ฐ๋„ ๊ท€์†์œผ๋กœ ์ฒ˜๋ฆฌํ•˜๋Š” ๊ฒฝ์šฐ๊ฐ€ ์žˆ์Šต๋‹ˆ๋‹ค. ์˜ˆ๋ฅผ ๋“ค์–ด, 2025๋…„๋„์˜ Estimated Tax๋ฅผ 2024๋…„ ๊ท€์†์œผ๋กœ ๋‚ฉ๋ถ€ํ•œ ๊ฒฝ์šฐ, ํ•ด๋‹น ๊ธˆ์•ก์ด IRS ์‹œ์Šคํ…œ์— 2024๋…„ ์„ธ๊ธˆ์œผ๋กœ ์ธ์‹๋˜์ง€ ์•Š์„ ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๊ฒฝ์šฐ, IRS์—์„œ ๋ฐœ์†กํ•œ ๋ ˆํ„ฐ์— Penalty ๋ฐ Interest๊ฐ€ ํฌํ•จ๋˜์–ด ์•ˆ๋‚ด๋˜๋Š” ์‚ฌ๋ก€๊ฐ€ ๋ฐœ์ƒํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. 2. IRS ์‹œ์Šคํ…œ ์ƒ ์ฒ˜๋ฆฌ ๋ฐฉ์‹ IRS๋Š” ์„ธ๊ธˆ ๋‚ฉ๋ถ€ ์‹œ ๋ช…ํ™•ํ•œ ๊ท€์† ์—ฐ๋„ ์ •๋ณด๊ฐ€ ์—†๊ฑฐ๋‚˜ ์ฐฉ์˜ค๊ฐ€ ์žˆ๋Š” ๊ฒฝ์šฐ, ํ•ด๋‹น ๊ธˆ์•ก์„ ์ž๋™์œผ๋กœ ๋‹ค์Œ ์—ฐ๋„ ์˜ˆ๋‚ฉ์œผ๋กœ ์ด์›” ์ฒ˜๋ฆฌํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋”ฐ๋ผ์„œ, ์˜ˆ๋‚ฉ ์‹œ ๊ท€์† ์—ฐ๋„๊ฐ€ ์ •ํ™•ํžˆ ๋ฐ˜์˜๋˜์ง€ ์•Š์œผ๋ฉด IRS๋Š” ํ•ด๋‹น ๊ธˆ์•ก์„ ํ•ด๋‹น ์—ฐ๋„์˜ ์˜ˆ๋‚ฉ์œผ๋กœ ์ธ์ •ํ•˜์ง€ ์•Š์œผ๋ฉฐ, ๊ฒฐ๊ณผ์ ์œผ๋กœ ๋‚ฉ๋ถ€ ์ง€์—ฐ์œผ๋กœ ๊ฐ„์ฃผํ•˜์—ฌ Penalty ๋ฐ Interest๋ฅผ ๋ถ€๊ณผํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. 3. ๋Œ€์‘ ๋ฐฉ์•ˆ ๊ท€์† ์—ฐ๋„๊ฐ€ ์ž˜๋ชป ๋ฐ˜์˜๋œ ๊ฒƒ์ด ํ™•์ธ๋  ๊ฒฝ์šฐ, ๋‹ค์Œ๊ณผ ๊ฐ™์€ ์กฐ์น˜๋ฅผ ์ทจํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค: IRS์— ์—ฐ๋ฝํ•˜์—ฌ ๊ท€์† ์—ฐ๋„ ๋ณ€๊ฒฝ ์š”์ฒญ ์ „ํ™” (1-800-829-4933) ๋˜๋Š” ์„œ๋ฉด์„ ํ†ตํ•ด ํ•ด๋‹น ๋‚ฉ๋ถ€ ๊ธˆ์•ก์˜ ๊ท€์† ์—ฐ๋„ ์ˆ˜์ •์„ ์š”์ฒญํ•ด์•ผ ํ•ฉ๋‹ˆ๋‹ค. Form 843 ์ œ์ถœ Penalty ๋ฐ Interest์— ๋Œ€ํ•ด ๊ฐ๋ฉด(Abatement)์„ ์š”์ฒญํ•˜๊ธฐ ์œ„ํ•ด IRS Form 843์„ ์ž‘์„ฑํ•ด ์ œ์ถœํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์•„๋ž˜๋Š” Penalty ๋ฐ Interest ๊ฐ๋ฉด(Abatement)์„ ์‹ ์ฒญํ•  ๋•Œ ์‚ฌ์šฉํ•˜๋Š” IRS Form 843 ๋งํฌ์ž…๋‹ˆ๋‹ค: ๐Ÿ”— IRS Form 843 – Claim for Refund and Request for Abatement (PDF) ๐Ÿ”— Form 843 Instructions (IRS.gov) ...