Estimated taxes are necessary to be paid to avoid penalty interest for certain individuals & businesses. These include entities that earn income where taxes are not being withheld. Examples of such situations can be found in the list below. Please get a hold of our firm at (212) 641-0673 to help you calculate and file your quarterly estimated tax filings.
If you have received income from the following items, it is very likely that you should be paying quarterly estimated taxes to the IRS. You will likely also owe tax to applicable state/local jurisdictions where you live and/or work:
- K-1 income from private equity investments, law firms, oil & gas, real estate, business, etc. Any type of K-1 may trigger the need to file quarterly estimated taxes
- 1099-MISC income – this is for consulting, self-employment, contracting, gig income, or any other type of non-wage income
- 1099-K income – this comes from certain types of online accounts where you may have made money, such as eBay or Square
- 1099-B, 1099-DIV, and 1099-INT – significant investments or gains
- Single-member LLCs: You may need to pay estimated taxes if you are showing net income after expenses in any given quarter
- S-corps or dividends from c-corps
- Partnership income
- Significant W2 income where historically not enough taxes were being withheld by the employer/HR/Payroll
- Other – court settlements, gambling winnings, prize winnings, alternative investments, bitcoin gains, sale of land, etc.
Please contact us at (212) 641-0673 or at firstname.lastname@example.org for information on your quarterly filings. We provide a free initial phone consultation and can prepare your state and local taxes, as well. We have clients from all 50 states and 19 countries.