Business Taxes
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- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
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Need Some Deductions for 2011?
Don't overlook these!
Updated for 2011
Business Taxes: Estimated Taxes
<< Previous
The Safe Harbor Approach to Estimating Your Taxes
Use the safe harbor approach to avoid a penalty.
If you're not sure what approach to take to figure out your estimated taxes (e.g., using your prior year's tax return or starting from scratch) and you just want to be safe, do the following:
- If your prior year adjusted gross income was $150,000 or less ($75,000 or less if married filing separately) make sure...
- your total withholdings (if any) plus
- your quarterly tax installments equal 100% of your prior year tax liability.
- If your prior year adjusted gross income was more than $150,000 (or over $75,000 if married filing separately) then make sure...
- your estimated tax installments for the current year equal at least 110% of your prior year tax liability.
Note: Your prior year tax return must have covered a full 12 months.
Next:
Estimated Taxes: Due Dates for Estimated Tax Payments; Estimating Taxes When Income is Received Later in the Year
Related Links
- Who Pays Estimated Taxes
- Who Does Not Pay Estimated Taxes?
- When You May Have to Pay Estimated Taxes
- Figuring Estimated Taxes
- Estimating Your Taxes From Scratch
- How to Pay Estimated Taxes
- Married Taxpayers
- Separate Returns and Joint Returns and Estimated taxes
- Figuring Your Share of the Tax on a Joint Return for Estimated Tax Purposes
- Higher Income Taxpayers and Estimated Taxes
- Resident and Nonresident Aliens and Estimated Taxes
Copyright © 2008-2012 Larry Villano. All rights reserved.