Get the free 2015 ESTIMATED INCOME TAX

2015 ESTIMATED INCOME TAX INSTRUCTIONS & WORKSHEET for FORM D1 & AQ1 Income Tax Division 1 Cascade Plaza 11th Floor Akron, OH 44308 3303752290 DID YOU KNOW THAT YOU CAN FILE AND PAY YOUR 2015 ESTIMATED

How to fill out 2015 estimated income tax

How to Fill Out 2015 Estimated Income Tax:

Gather all necessary documents and information:

1. Gather your W-2 forms, 1099 forms, and any other forms related to your income for the year.
2. Collect records of any deductions or credits you are eligible for, such as mortgage interest, medical expenses, or education expenses.
3. Have your Social Security number, the same as on your tax return, ready for identification purposes.

Determine your estimated income for the year:

1. Add up all your income sources, including wages, self-employment income, rental income, interest, and dividends.
2. If your income varies throughout the year, estimate the average or use your best judgment to project your income for the entire year.

Calculate your estimated tax liability:

1. Use the IRS Form 1040-ES, Estimated Tax for Individuals, to help determine your estimated tax liability.
2. Refer to the tax brackets and rates provided by the IRS to determine the percentage of your income that should be allocated for taxes.
3. Consider any deductions or credits you are eligible for, as they will reduce your taxable income.

Determine if you are required to make estimated tax payments:

1. If you expect to owe taxes of $1,000 or more after subtracting withholdings and credits, you generally need to make estimated tax payments.
2. Exceptions may apply if you had no tax liability in the previous year or if you are a farmer or fisherman who meets specific requirements.

Complete the estimated tax payment vouchers:

1. Use Form 1040-ES to complete the payment vouchers for each quarter.
2. Fill in your personal information and calculate the estimated tax amount you need to pay for each quarter.
3. Note that these vouchers have specific due dates throughout the year, so make sure to submit them on time.

Submit your estimated tax payments:

1. Choose an appropriate payment method, such as mailing a check or making an electronic payment through the IRS website.
2. Include the payment vouchers and enough information to identify yourself with the payment.
3. Keep a copy of the vouchers and proof of payment for your records.

Who needs 2015 estimated income tax?

1. Individuals with self-employment income or those who earn income that is not subject to withholding, such as rental income or investment income.
2. People who expect to have a tax liability of $1,000 or more after subtracting withholding and credits.
3. Individuals who did not have a tax liability in the previous year but anticipate owing taxes for the current year.
4. Farmers or fishermen who meet specific criteria outlined by the IRS.
5. Anyone who wants to avoid penalties for underpayment of taxes or wants to stay current with their tax obligations throughout the year.

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