Estimated tax payments are due every quarter on April 15, June 15, September 15 and January 15 of the subsequent year. In this video we walk through a FULL Estimated Tax Calculator example showing how to determine your Safe Harbor Tax Payments based on both the current year's tax projection and the prior year's tax.
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Link for Estimated Taxes Advanced Training:
https://numbercrunchnerds.systeme.io/estimatedtaxes
Link for Personal Tax Planning Template Program:
https://numbercrunchnerds.systeme.io/taxplanningtemplate
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00:00 Introduction
00:45 Paying Too Little vs Paying Too Much Estimated Tax (a Balancing Act)
04:07 Calculating Estimated Tax Using the Safe Harbor Method
04:41 Safe Harbor Based on 100% of the Prior Year's Tax
05:16 Safe Harbor Based on 90% of the Current Year's Tax
05:53 AGI Threshold for Estimated Taxes to be Based on 110% of the Prior Year Tax
07:07 The "Safest" of the Two Safe Harbor Methods for Determining Estimated Tax
09:00 Estimated Tax Payment Due Dates
09:52 How To Find Your Prior Year's Tax on the Form 1040 Tax Return
10:49 How To Find Your Last Year's AGI on your Individual Tax Return
13:11 Estimated Tax Payments Calculator
13:47 Entering Your AGI and Prior Year Tax Information
14:53 How To Calculate Withholding Projection for the Current Year
15:43 How To Calculate Your Safe Harbor Payments for Estimated Tax
18:39 Quarterly Estimates Due (25% of the Full Year's Safe Harbor)
19:47 Over Payment Applied from the Prior Year Tax Return
20:54 The IRS Treats Withholding on a Pro Rata Basis (i.e. as Occurring Evenly)
23:12 Estimated Tax Already Paid-In for the Quarter
24:13 Cash Payment Due After Withholding and Carryovers
28:01 Walking Through the Estimated Tax Calculator
31:13 Side Calculation of Estimates Paid In
31:54 Overpaying Your Quarterly Estimate
33:20 Underpayment Penalty for Underpayment of Estimated Tax
36:13 Cumulative Tax Payment Side Calculation (to Catch Up on Payments)
39:15 Cutting Off the Calculation of Interest and Penalties on Underpayments of Tax
44:51 Methods for Estimating Your Withholding for the Current Year
52:19 Safe Harbor Method Based on Prior Year
53:53 How to Prepare an Estimate of Your Current Year Tax
01:03:14 Member Updates
01:04:47 Estimated Taxes Advanced Training
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