{"id":193,"date":"2024-03-30T01:40:51","date_gmt":"2024-03-30T01:40:51","guid":{"rendered":"https:\/\/blog.suryapadhiea.com\/blog\/?p=193"},"modified":"2024-03-30T01:41:25","modified_gmt":"2024-03-30T01:41:25","slug":"tax-year-2024-estimated-tax","status":"publish","type":"post","link":"https:\/\/blog.suryapadhiea.com\/blog\/individual\/tax-year-2024-estimated-tax\/","title":{"rendered":"Tax Year 2024: Estimated Tax"},"content":{"rendered":"\n<p>For the tax year 2024, estimated tax payments are essential for individuals who anticipate owing at least $1,000 in taxes after accounting for withholding and refundable credits. Here are the key points regarding estimated tax payments:<\/p>\n\n\n\n<ul>\n<li><strong>Purpose of Estimated Tax<\/strong><\/li>\n<\/ul>\n\n\n\n<p>&nbsp;Estimated tax is a method used to pay taxes on income that isn\u2019t subject to withholding. This includes earnings from self-employment, interest, dividends, rents, alimony, and other sources.<\/p>\n\n\n\n<ul>\n<li><strong>Who Must Make Estimated Tax Payments:<\/strong>\n<ul>\n<li>U.S. citizens and resident aliens.<\/li>\n\n\n\n<li>Residents of Puerto Rico, the U.S. Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa.<\/li>\n\n\n\n<li>Nonresident aliens (use Form 1040-ES (NR)).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>General Rule:<\/strong>\n<ul>\n<li>You must pay estimated tax for 2024 if both of the following apply:\n<ul>\n<li>You expect to owe at least $1,000 in tax for 2024, after subtracting your withholding and refundable credits.<\/li>\n\n\n\n<li>You expect your withholding and refundable credits to be less than the smaller of:\n<ul>\n<li>90% of the tax to be shown on your 2024 tax return, or<\/li>\n\n\n\n<li>100% of the tax shown on your 2023 tax return (which must cover all 12 months).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Exceptions:<\/strong>\n<ul>\n<li>You don\u2019t have to pay estimated tax for 2024 if you were a U.S. citizen or resident alien for all of 2023 and had no tax liability for the full 12-month 2023 tax year (i.e., your total tax was zero or you didn\u2019t have to file an income tax return).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Special Rules:<\/strong>\n<ul>\n<li>Farmers and fishermen: If at least two-thirds of your gross income for 2023 or 2024 is from farming or fishing, substitute 66\u2154% for 90% in the general rule.<\/li>\n\n\n\n<li>Household employers: Include household employment taxes when estimating your 2024 tax return if applicable.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Due Dates for Estimated Tax Payments in 2024:<\/strong><\/li>\n<\/ul>\n\n\n\n<ul>\n<li>April 15, 2024<\/li>\n\n\n\n<li>June 17, 2024<\/li>\n\n\n\n<li>September 16, 2024<\/li>\n\n\n\n<li>Final quarterly payment due in January 2025<\/li>\n<\/ul>\n\n\n\n<ul>\n<li><strong>References:<\/strong>\n<ul>\n<li>Refer Form 1040- ES : Estimated Tax for Individuals -&gt; <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040es.pdf\">2024 Form 1040-ES (irs.gov)<\/a><\/li>\n\n\n\n<li>Refer -&gt; <a href=\"https:\/\/www.irs.gov\/payments\/pay-as-you-go-so-you-wont-owe-a-guide-to-withholding-estimated-taxes-and-ways-to-avoid-the-estimated-tax-penalty\">Pay As You Go, So You Won\u2019t Owe: A Guide to Withholding, Estimated Taxes, and Ways to Avoid the Estimated Tax Penalty | Internal Revenue Service (irs.gov)<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Let us know if we can help you?<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Contact Surya Padhi at Sure Financials for any questions and clarification. Surya Padhi is an expert who keeps current on tax law changes as well as a member of the National Association of Tax Professionals <a href=\"https:\/\/www.natptax.com\/\">National Association of Tax Professionals (NATP)<\/a> and&nbsp; <a href=\"https:\/\/www.naea.org\/\">New Homepage \u2013 National Association of Enrolled Agents (naea.org)<\/a>. Visit <a href=\"https:\/\/surefintaxsvs.com\/\">Welcome | Sure Financials &amp; Tax Services, LLC (surefintaxsvs.com)<\/a> for more information and contact us by calling +1908.955.0696.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the tax year 2024, estimated tax payments are essential for individuals who anticipate owing at least $1,000 in taxes after accounting for withholding and refundable credits. Here are the key points regarding estimated tax payments: &nbsp;Estimated tax is a method used to pay taxes on income that isn\u2019t subject to withholding. This includes earnings [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/posts\/193"}],"collection":[{"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/comments?post=193"}],"version-history":[{"count":3,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/posts\/193\/revisions"}],"predecessor-version":[{"id":197,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/posts\/193\/revisions\/197"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/media\/195"}],"wp:attachment":[{"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/media?parent=193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/categories?post=193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/tags?post=193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}