Assessing the Need for U.S. Estimated Tax Payments
As 2023 is about to the end, the 2024 tax season is going to come. If you have U.S. tax obligations, it's time to assess whether you need to make estimated tax payments!
How to determine if you need to pay estimated taxes:
- If the amount of income tax withheld from your U.S salary or U.S pension is not enough.
- Most of your U.S. income will not be withheld income taxes by U.S. employers (For example: interest, dividends, alimony, self-employment income, capital gains, prizes, or awards)
- You have income from outside the United States.
- Estimated taxes are not only for income taxes but also cover other taxes (For example: Social Security tax).
USCPA Sophie Luo (羅霞) reminds you that if you do not pay your taxes on time during the tax year or pay enough tax through withholding and estimated tax payments in advance, you may face penalties from the IRS. You can provide your accountant with an estimate of your annual income for the tax year. A professional accountant can calculate your estimated tax payments for the year.
Read more:
Who Should Pay Estimated Tax? What Are the Advantages of Estimated Taxes?
If you have any questions or need any further help,
please contact us at the USCPA Sophie Luo (羅霞) +886 980919600
or Email: ustaxproservice@gmail.com
Also welcome to visit our website: https://www.ustaxproservice.com
(USTAX Service LLC)