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TAX TIPS TUESDAY: Sept. 15 is a big day for some taxpayers

September 15 is an important date for some taxpayers.

If you are responsible for filing a Partnership or S-Corporation tax return based on a calendar year and you filed for an extension, the extended due date is September 15. It is imperative that the 1065 or 1120S return be filed by midnight September 15 to avoid incurring costly late filing penalties.

If you are responsible for filing a calendar year Trust or Estate return (Form 1041), and filed an extension, the extended due date is September 30.

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For individual taxpayers, Income Taxes are “pay-as-you-go”. This means that you need to pay most of your income tax during the year, as you receive income, rather than paying your tax at the end of the year when you file your tax return. If you owe over $1,000 when you file your tax return, you may be subject to the Estimated Tax Penalty. IRS urges taxpayers to check into their options to avoid these penalties. Taxpayers can adjust their withholdings or make quarterly estimated tax payments during the year. Estimated tax payments can be made by mailing a check to IRS or electronically through bank withdrawal or debit/credit card at IRS.GOV.

The estimated tax due dates are April 15, June 15, September 15, and January 15 of the following year. If you pay estimated taxes for your individual income tax liability, the 3rd estimate is due on or before September 15. Many people pay quarterly estimates since some of their income is from sources that don’t have automatic withholding. Others prefer to pay their income tax through estimated tax payments instead of having the taxes automatically withheld from their income. Estimated tax payments are especially important for self-employed taxpayers, members of partnerships or S-Corporations, or taxpayers with substantial income from investments or rental property.  

If you are concerned that you may owe over $1,000 on your tax return, you should seek the help of a tax professional to estimate your 2021 tax and discuss ways to avoid or minimize the estimated tax penalty.

If you need to file a Partnership, Corporation, Estate, or Trust tax return or you have questions about Estimated Taxes and would like help from the Tax Professionals at H&R Block, please call your local H&R Block office. In Manchester TN call 931-728-9462. H&R Block Has Your Back!

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