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 Form it 205 TAllocation of Estimated Tax Payments to 2020

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Hi I'm Vincenzo Villamena at Online Taxman. How are estimated taxes calculated and paid? First off, if you didn't owe any taxes last year, then you don't have to pay any estimated taxes this year. Generally speaking, estimated taxes are based on 90% of the taxes that were due last year, or you could calculate your taxes this year and pay 100% quarterly. The taxes are due April 15, June 15, September 15, and January 15. You can pay by either sending a check to the IRS or going to IRS.gov/payment and paying online. If you don't pay estimated taxes, there will be an underpayment penalty. So, please be sure to pay it if you think you owe. And if you have any questions, please feel free to reach out to us at OnlineTaxman.com. Thank you.

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