Yes, it's that time again. Time for the Weekly Tax Tip and time for many of us to hand over more money to Uncle Sam.
The U.S. tax system operates on a pay-as-you-earn system. So that means when you have income that isn't subject to withholding, it's your responsibility to get the appropriate tax amount to the IRS via estimated tax payments.
The deadline for estimated tax payment #2 of the 2011 tax year is a week from today: Wednesday, June 15.
This 1040-ES voucher (and the other three) can be opened as a PDF, allowing you to fill them out and then save and print as needed to file.
You can mail in the 1040ES voucher, making sure it's postmarked by the 15th.
Also make sure you send the payment to the proper IRS office. It's usually a different place than where you file your regular 1040 in April (or October).
I posted these 2011 mailing addresses for 1040-ES payments back in April when the year's first estimated tax payment was due, but here's a refresher:
| If you live in … | Then send your 1040-ES voucher to … |
| Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont | P.O. Box 37007 Hartford, CT 06176-0007 |
| Florida, Georgia, North Carolina, South Carolina | P.O. Box 105225 Atlanta, GA 30348-5225 |
| Alaska, Arizona, california, Colorado, Hawaii, Idaho, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming | P.O. Box 510000 San Francisco, CA 94151-5100 |
| Delaware, District of Columbia, Maryland, Missouri, Ohio, Rhode Island, Virginia, West Virginia | P.O. Box 970006 St. Louis, MO 63197-0006 |
| Alabama, Kentucky, Louisiana, Mississippi, Tennessee, Texas | P.O. Box 1300 Charlotte, NC 28201-1300 |
| Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Wisconsin | P.O. Box 802502 Cincinnati, OH 45280-2502 |
| A foreign country, the U.S. territories or possessions of American Samoa, Puerto Rico, Guam, Northern Mariana Islands or U.S. Virgin Islands, or use an APO or FPO address | P.O. Box 1300 Charlotte, NC 28201-1300 USA |
If you prefer, you can pay estimated taxes via credit or debit card, electronic funds withdrawal or using the IRS' Electronic Federal Tax Payment System (EFTPS).
I mailed my first 1040-ES this year because the April due date sneaked up on me. Yes, it sounds silly for a tax geek to be surprised by a tax deadline, but I was concentrating more on writing about taxes than on filing my own estimated and regular taxes.
This time, though, I'm going the EFTPS route. In fact, as soon as I post this, I'm going over to the IRS site to schedule not only this second payment of 2011, but the third and fourth ones, too. Then all I have to do is make sure I have money in my bank account when those due dates roll around!
Whichever method you use, just make sure you do pay. Yes, figuring out how much tax you owe the IRS four extra times a year is a pain. But it's a bigger pain to not pay your estimated taxes or not pay enough and then end up owing penalty charges and interest, too.
Related posts:
- Figuring your estimated tax payment amount
- Estimated tax payment #1 for 2011 also is due today, April 18
- Don't forget your state taxes
- Some final tax tips and warnings
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Roth & Company, P.C.
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