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N PO EW FS TCO ORM NF AT ER EN INCL CE UP WE ES BIN AR 38th Annual Advanced State & Local Tax Institute AUGUST 57, 2015 GEORGETOWN UNIVERSITY LAW CENTER WASHINGTON, DC C O S P O N S O R E D BY ABA
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Advanced state and local taxes are taxes paid in advance to the government based on an estimated tax liability for the current year.
Individuals and businesses with significant income or tax liability may be required to file advanced state and local taxes.
To fill out advanced state and local taxes, taxpayers need to estimate their tax liability for the current year and make quarterly payments to the government.
The purpose of advanced state and local taxes is to ensure that taxpayers meet their tax obligations throughout the year, rather than waiting until the end of the year to pay.
Taxpayers must report their estimated income, deductions, and credits on advanced state and local tax forms.
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