Get the free ESTIMATED TAX - 2016

CITY OF TOLEDO FORM DI16 4 ESTIMATED TAX 2016 City of Residence PAYMENT NO. 4 DUE DECEMBER 16, 2016 (CALENDAR) Estimated Tax for Year Ending Amount of this Payment. $ Name of Employer or Type of Business

How to fill out estimated tax - 2016

How to fill out estimated tax - 2016

1. Gather all necessary information such as your income, deductions, and credits for the tax year 2016.
2. Determine if you are required to pay estimated tax. Generally, if you expect to owe at least $1,000 in taxes after subtracting your withholding and refundable credits, you should pay estimated tax.
3. Obtain Form 1040-ES, which is the Estimated Tax for Individuals form, from the Internal Revenue Service (IRS) website or by calling their toll-free number.
4. Fill out your personal information on Form 1040-ES, including your name, address, and Social Security number.
5. Estimate your total income for the tax year 2016. This includes wages, self-employment income, rental income, and any other sources of income.
6. Calculate your deductions and credits for the tax year 2016. This includes deductions for expenses such as mortgage interest, medical expenses, and charitable contributions. Also, consider any tax credits you may be eligible for.
7. Determine your adjusted gross income (AGI) by subtracting your deductions from your total income.
8. Use the tax rate schedule provided in the Form 1040-ES instructions to calculate your estimated tax liability based on your AGI.
9. Subtract any tax withholding you expect to have for the tax year 2016, such as from your salary or pensions.
10. Divide your estimated tax liability by four to calculate the amount of each quarterly payment.
11. Make your estimated tax payments by the due dates specified on Form 1040-ES, which are typically April 15th, June 15th, September 15th, and January 15th of the following year.
12. Keep a record of your estimated tax payments and include them when you file your annual tax return.
13. Adjust your estimated tax payments throughout the year if your income or deductions change significantly to avoid underpayment or overpayment penalties.

Who needs estimated tax - 2016?

1. Self-employed individuals who expect to owe at least $1,000 in taxes after subtracting their withholding and refundable credits.
2. Individuals with significant investment income, such as dividends, interest, or capital gains, that is not subject to tax withholding.
3. Partners in a partnership, shareholders in an S corporation, or beneficiaries of an estate or trust, who expect to owe at least $1,000 in taxes after subtracting their withholding and refundable credits.
4. Individuals who had a tax liability in the previous tax year and did not have any tax withheld or their withholding was not enough to cover their liability for the current tax year.
5. Farmers and fishermen who expect to owe at least $1,000 in taxes after subtracting their withholding and refundable credits.
6. Anyone who chooses not to have taxes withheld from their income throughout the year.

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