Close Menu
BestNewsOnline
    Facebook X (Twitter) Instagram
    BestNewsOnline
    • Retirement planning
    • Insurance
    • Real estate
    • Subscription
    BestNewsOnline
    Home»Personal Finance»IRS: How to avoid a surprise tax bill before January 17
    Personal Finance

    IRS: How to avoid a surprise tax bill before January 17

    January 7, 20232 Mins Read
    WhatsApp Facebook Telegram

    Jhe IRS confirmed that there is a way to avoid a “surprise tax bill” for not paying enough tax in 2022, also bypassing additional penalties.

    The deadline for fourth quarter tax payments from 2022 is January 17, 2023this applies to income earned through investments, gig work, self-employment and more.

    Those who do not withhold income tax generally have to make four payments during the year. If they don’t, they could also owe interest and have a late payment penalty of 0.5% of their outstanding balance per month, up to 25%.

    It’s the easiest way to make payments to the IRS

    The IRS informed that direct payment is the easiest and fastest way to make tax payments online, with taxpayers able to schedule their options before the January 17 payment deadline.

    your online IRS account also allows you to make payments through it, with the possibility of also being able to access the history of payments.

    Many other options are available on the IRS website.

    How to Avoid IRS Penalties

    Taxpayers who have paid more than 90% of their 2022 taxes by the January 17 deadline or 100% of their 2021 tax bill, if their adjusted gross income is below the $150,000 threshold.

    Experts recommend that individuals set aside 20% of their income to pay federal taxes, in addition to a smaller percentage to cover state taxes, depending on where they live.

    Add A Comment
    Leave A Reply Cancel Reply

    What's hot

    Jackson Walker expands his real estate practice with the addition of Henry Gilmore and Justin Meyer – Jackson Walker

    October 27, 2022

    Multi-Family Investment Company Buys Several Calvin Seminary Student Housing Buildings for $5.6 Million

    December 21, 2022

    Retirement planning means more than saving in your 401(k)

    August 31, 2022

    18 charts that show where St. Louis home sales are going

    January 1, 2023
    Don't miss

    Skywealth Financial Group Announces Launch of Real Estate Fund, Rolling Out Future Investment Strategies in Sluggish Market | Taiwan News

    October 31, 2022

    Richmond Realtors Join Forces

    December 12, 2022

    Magicbricks Report, Real Estate News, ET RealEstate

    November 9, 2022
    Picked for you

    LACERA invites tenders for the system’s emerging real asset management program

    Retirement planning February 2, 2023

    The Los Angeles County Employees Retirement Association invites proposals from qualified companies to implement the…

    BestNewsOnline.net is owned and managed by

    Top10 International FZ LLE
    Office 2002, 20th Floor, Creative Tower
    Fujairah, United Arab Emirates
    TRN: 100608946800003

    • Home
    • Contact us
    • Privacy policy
    • Terms and services

    Type above and press Enter to search. Press Esc to cancel.