The third-quarter estimated tax deadline for 2023 is Sept. 15. Here are some tips to avoid a surprise tax bill next April.
and staying on top of your finances," said Sean Lovison, a Philadelphia-area certified financial planner with WJL Financial Advisors. He is also a certified public accountant.
It's important to calculate tax payments accurately, pay on time and to consider meeting the"safe harbor" rule to avoid underpayment penalties, Lovison said."Keep records, monitor your tax situation, and seek professional guidance for a smooth tax experience," he said.for not staying current, said CFP Kathleen Kenealy, founder of Katapult Financial Planning in Woburn, Massachusetts., June 15, Sept. 15 or Jan. 16, 2024 — you'll incur a late penalty of 0.
However, the IRS has a"safe harbor" to avoid underpayment penalties, Kenealy explained. You meet the requirements by paying at least 90% of the current year's tax liability or 100% of last year's taxes, whichever is smaller. But the rule is"a little different for high-income taxpayers," she said. If your 2022 adjusted gross income was $150,000 or more, you need to pay the lower of 90% of the current year's tax liability or 110% of last year's taxes to meet the safe harbor requirement for 2023. Electronic payments are the"easiest, fastest and most secure" option for estimated tax payments, according to the IRS.
Online options include payments through your online account, via Direct Pay, the Electronic Federal Tax Payment System and more. However, you'll incur a fee for debit and credit card payments. You can learn more about how to make payments
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