{"id":2028491,"date":"2023-09-11T19:18:02","date_gmt":"2023-09-11T23:18:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-warns-of-sept-15-deadline-to-avoid-tax-time-surprise\/"},"modified":"2023-09-11T19:19:57","modified_gmt":"2023-09-11T23:19:57","slug":"irs-warns-of-sept-15-deadline-to-avoid-tax-time-surprise","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-warns-of-sept-15-deadline-to-avoid-tax-time-surprise\/","title":{"rendered":"IRS alerts taxpayers of Sept. 15 deadline to prevent tax surprises."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Firs-warns-of-sept-15-deadline-to-avoid-tax-time-surprise%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2028491&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>The Internal Revenue Service \u2064(IRS) has issued a reminder that some taxpayers face a looming deadline to pay <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-announces-start-of-2023-tax-season\/\" title=\"IRS Announces Start of 2023 Tax Season\">estimated tax payments<\/a>\u2063 in\u200d order \u2064to &#8220;stay current and\u2062 avoid a surprise at tax time&#8221; in \u200dthe form\u200d of potential penalties for\u200d underpayment.<\/p>\n<p>Certain categories of taxpayers that do not have taxes withheld from their income through \u2062an employer or other withholding agent face a Sept. 15\u2063 deadline to submit their \u200dthird <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-warns-of-sept-15-deadline-to-avoid-tax-time-surprise\/\" title=\"IRS alerts taxpayers of Sept. 15 deadline to prevent tax surprises.\">quarter estimated tax \u200bpayments<\/a>.<\/p>\n<p>Estimated tax payments are typically made by individuals and entities that do \u2064not have taxes withheld from their \u200bincome,\u200b including gig \u2064workers, sole proprietors, retirees, partners, and\u200c S corporation shareholders. Retirees and individuals \u2064with irregular income (such as \u2062those\u200b with seasonal) income could\u200c also be required to\u200d make estimated tax payments if their income\u200b is not subject \u200cto \u200dwithholding.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Story<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/us\/irs-launches-sweeping-historic-tax-enforcement-crackdown-using-ai-5488547\">IRS \u200dLaunches &#8216;Sweeping, Historic&#8217;\u200d Tax\u200b Enforcement\u200c Crackdown Using AI<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/8\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/us\/irs-launches-sweeping-historic-tax-enforcement-crackdown-using-ai-5488547\"><\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"my-5\">People unsure of\u200d whether they have to pay estimated taxes\u2064 can consult IRS guidance on Form 1040-ES (<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040es.pdf\" target=\"_blank\" rel=\"noopener\">pdf<\/a>) \u2063for detailed requirements.<\/div>\n<p>The key threshold for determining whether estimated tax payments \u2063are required is if the taxpayer expects to owe \u200c$1,000 or more in taxes when they file their\u2063 annual tax return \u200cafter accounting for\u200d withholding and tax credits.<\/p>\n<p>&#8220;The IRS encourages taxpayers earning income not normally subject\u200c to withholding to consider making estimated \u200dtax payments throughout the \u200byear to stay current and avoid a surprise \u200dat tax time,&#8221; the tax agency \u200dsaid in a statement.<\/p>\n<div class=\"shortcode post-related-videos\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"my-5\">The\u2062 IRS has an online tool\u2064 that wage-earning taxpayers\u200d can use to tailor the amount of\u2064 income \u2063tax they\u200d should \u200dhave withheld from their paychecks, which can also help avoid the\u200d need for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-caves-to-gop-demand-for-debt-ceiling-talks\/\" title=\"Biden Caves to GOP Demand for Debt Ceiling Talks\">quarterly estimated tax payments<\/a>.<\/div>\n<h2>Adjusting\u200c Withholdings<\/h2>\n<p>On \u2063Jan. 19, 2023, the IRS <a href=\"https:\/\/www.irs.gov\/newsroom\/check-tax-withholding-now-to-avoid-paying-future-quarterly-estimated-payments\" target=\"_blank\" rel=\"noopener\">announced that<\/a> it made available an online \u2064tool that taxpayers can use to determine if they have too much or too little tax withheld from\u200c their paychecks.<\/p>\n<div class=\"my-5\">Called the\u200c <a href=\"https:\/\/www.irs.gov\/individuals\/tax-withholding-estimator\" target=\"_blank\" rel=\"noopener\">Tax Withholding Estimator,<\/a> it lets taxpayers figure out if \u200bthey will receive a refund or need to make a payment to the IRS in order\u2062 to avoid owing taxes and potentially \u2064incurring penalties the following year.<\/div>\n<p>Having too much tax withheld and waiting for a refund\u200d at tax time is akin to giving the government \u200can interest-free loan.<\/p>\n<p>But if a \u2064taxpayer does not have enough \u2062taxes withheld from their paychecks \u200bthroughout the year, they may owe\u200d a balance \u200cwhen\u2064 they file their taxes. This means they will have to pay the remaining balance\u2064 of taxes \u2063owed to\u2063 the IRS when they file \u2062their tax return.<\/p>\n<p>Owing a balance at tax time can be a \u200bsignificant financial \u2064burden, especially if the balance is \u200dlarge or \u2063if the taxpayer is struggling to \u200bmake ends meet.<\/p>\n<p>There are also penalties and interest that may apply\u2063 when the taxpayer owes a balance \u200cwhen filing their taxes.<\/p>\n<p>The IRS charges interest on any unpaid taxes starting\u2063 from \u200bthe original due date of the return. Penalties may also be assessed if the taxpayer fails\u200c to \u2063file their \u2063return on time or if they owe taxes and fail to pay them by the deadline.<\/p>\n<div class=\"my-5\">Owing\u200d a balance can also have negative effects on credit score as\u200c it is \u2063considered a\u2062 debt\u200b that is unpaid. This can also\u2064 lead to wage garnishments, liens\u2062 on property, and even imprisonment if the taxpayer fails to pay their taxes.<\/div>\n<h2>Tax Enforcement Crackdown<\/h2>\n<p>The IRS&#8217;s reminder \u200dto taxpayers \u200bthat they face\u2064 a\u2063 Sept. 15 deadline for submitting estimated tax payments comes as\u2064 the agency prepares\u2062 to \u200claunch what it calls a &#8220;sweeping, historic&#8221; tax enforcement crackdown using cutting-edge technology like artificial intelligence\u200d to \u2062boost tax revenue.<\/p>\n<p>The\u2063 Inflation Reduction \u200dAct\u2062 that President Joe\u200c Biden signed into law in 2022 initially included around $80 billion to expa<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>employer, such as self-employed individuals and those with rental income, must make estimated tax payments. The IRS urges these taxpayers to review their tax situation and make any necessary payments by the deadline to avoid penalties. Staying up to date with estimated tax payments is crucial to avoid surprises during tax season.<\/p>\n","protected":false},"author":118,"featured_media":2028492,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2028491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2028491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2028491"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2028491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2028492"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2028491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2028491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2028491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}