taxes

10 midyear tax moves to make now

Taxes » Tax Filing »

Evaluate your estimated taxes
Evaluate your estimated taxes © iStock

Evaluate your estimated taxes

Estimated tax payments are required if you get income that isn't subject to withholding. It's the IRS' way of ensuring that you're paying as you earn on all your income.

By making the four extra tax payments a year, you'll help ensure you don't underpay your taxes. That's important because if you owe too much at filing time, you could face a tax penalty. But you don't want to overpay your estimated taxes.

Summer's a great time to reassess your estimated tax situation. Look at what you've paid via your April and June 1040-ES filings and see whether your schedule is still on track. If not, you can adjust your upcoming September and January estimated tax payments.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
WEEKLY TAX TIP NEWSLETTER

Our tax expert Kay Bell provides resourceful tips and advice to help you stay prepared for filing.

advertisement

Connect with us