Any taxpayer that has income that is not subject to withholding may need to make quarterly estimated income tax payments. The next payment is due on Friday June 15.
As in other years, estimated payments are due for federal and state income taxes. New in 2012 is the requirement to pay local earned income tax estimates if you have self employment income. Failure to pay quarterly tax estimates can lead to sizable tax penalties and interest. This is above and beyond the added income tax that is due at filing time.
If you have had a sizable increase in your interest or dividend income, sold an asset, or expect an increase in your self employment income, let us assist you with your tax estimate determination.
As required by the United States Treasury Regulations, you should be aware that this communication (including any attachments unless expressly stated otherwise) is not intended by the sender to be used, and it cannot be used, for the purpose of avoiding penalties under the United States federal tax laws.