Sentences with phrase «state estimated tax payments»

Prepared and reviewed the calculations and forms for our quarterly federal and state estimated tax payments.

Suggestion 1: In a year that you have to pay the AMT, don't bother prepaying real estate or fourth - quarter state estimated tax payments in December.

Making excessive state estimated tax payments in order to claim a greater itemized tax deduction is not a wise tax strategy.

Not exact matches

State tax officials track quarterly estimated payments of 100 high net - worth taxpayers and can tell when payments are down.

Also, most businesses need to pay estimated Federal tax payments on a quarterly basis, plus estimated local and state tax payments as required in your city and state.

That's because the administration estimates the hospitals would pay about $ 212 million in new taxes while getting back about $ 250 million in additional state payments.

[6] The columns in the table address: a) the vehicle by which funding is delivered (e.g., tax expenditure vs. social program); b) the particulars of that funding vehicle (e.g., payments to individuals vs. program providers or states); c) the dollar value of the benefit to a family; d) whether the tax benefits are refundable (provide refunds to low income families in excess of their tax liability); e) whether the benefits are progressive (inverse to family income); f) the total annual program expenditure that is conditional on children (e.g., spending on housing vouchers that goes to families without children is excluded); and g) the estimated portion of the total expenditure that goes to children under five years of age.

** Estimated monthly payments are based on a 2.5 % APR for 72 months with 20 % down on the current market average price, and excludes sales tax and other fees and charges that may vary by region or state.

Then remember to include that amount with your state tax itemized deduction on your 2017 return, along with state income taxes withheld from your paychecks or paid via quarterly estimated payments.

If you pay estimated tax quarterly in 2016, those state tax payments would also be deductible on your 2016 tax return.

On top of that, you need to make sure you make estimated tax payments to both the federal and state government.

If you're reporting the conversion income in 2010, it's probably in your interest to pay the state income tax, or a big chunk of it at least, as an estimated tax payment before the end of the year.

This includes the amounts withheld from your paycheck (s) during the year, any estimated state income tax payments you sent in, and any payments of state income tax for previous years that you sent in with your state tax return for the previous year.

By Jason Dinesen 2016-02-06T20:37:51 +00:00 May 31st, 2016 Categories: From the Archives Tags: Estimated Tax Payments, Iowa, Iowa Filing Statuses, state taxes

When a taxpayer receives a refund of state income taxes, and the taxpayer took a deduction on their federal tax return, and some of the payments made to the state were estimated payments that may have been made in a different calendar year... well, it can require some math to determine the taxable refund and the deductible portion of the estimated payment.

For example, if you make estimated payments of state income tax, you may try to schedule your payments so they don't fall in the same year as your large capital gain.

Accelerated payment of your estimated state tax payment before Dec. 31 could allow additional itemized deduction benefits in tax year 2016.

The same holds true for any quarterly state income tax estimated tax payments which you make.

When you freelance your expected to make estimated tax payments on a quarterly basis, which can get confusing especially if you have to pay both state and federal taxes.

If you know that you normally owe state income taxes, but you don't normally make estimated payments, you can still make a 4th quarter estimated tax payment this year.

Federal and state income tax will not be withheld from these payments, and it is your responsibility to make estimated tax payments if necessary.

That payment gets applied to your 2017 state tax return as tax paid, but if you pay the estimated payment on January 15th, you can't claim it as a deduction on your federal return until you file your 2018 tax return.

Those quarterly estimated tax payments (federal and state) were sucked right out of my savings account where I was (over) saving for taxes.

You can deduct estimated state or local tax payments, foreign income tax payments, and property tax payments that are directly attributable to your business.

Prepared valuation analyses and cash flow models on prospective acquisitions using ARGUS; and recorded acquisition / sale of 1031 properties on multiple entities Prepared quarterly financial reports for tax auditors using QuickBooks, including all supporting schedules for 10 - K and 10 - Q filings Created / Maintained lease briefs for newly acquired assets and performed due diligence for prospective acquisitions Managed and reconciled cash for company and 1031 exchange properties; and acted as primary contact for all treasury management issues Filed annual business property statement and recorded estimated income tax payments — state and federal Created accounting procedures manual and supervised / trained assistants to perform accounts payable tasks Consulted with property accountants to resolve discrepancies in monthly financial reports Provided executives, shareholders, lenders and investors with monthly, quarterly and annual financial reports Ensured compliance with loan covenants and tenant in common (TIC) agreements

• Exceptionally talented tax accountant, boasting of 10 years» track record of success preparing estimated federal, and state income tax payments, and performing yearend accrual reviews.