{"id":385,"date":"2021-11-06T19:49:56","date_gmt":"2021-11-06T19:49:56","guid":{"rendered":"https:\/\/cliftontaxpro.com\/?page_id=385"},"modified":"2025-11-18T21:06:30","modified_gmt":"2025-11-18T21:06:30","slug":"estimated-taxes","status":"publish","type":"page","link":"https:\/\/cliftontaxpro.com\/?page_id=385","title":{"rendered":"Estimated Taxes"},"content":{"rendered":"\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:28px\"><strong><span style=\"color:#05982f\" class=\"has-inline-color\">Estimated Taxes<\/span><\/strong><\/h2>\n\n\n\n<p class=\"\">Both the IRS and the Commonwealth of Virginia require taxes to be paid as income is earned throughout the year. Payments are made in two ways:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Withholding<\/strong> \u2013 taxes automatically withheld from wages or certain types of income.<\/li>\n\n\n\n<li class=\"\"><strong>Estimated payments<\/strong> \u2013 taxes paid directly when income is not subject to withholding.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">Estimated payments are often necessary for income such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Rental or business income<\/li>\n\n\n\n<li class=\"\">Independent contractor work<\/li>\n\n\n\n<li class=\"\">Investment gains from stocks or bonds<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Who Needs to Pay Estimated Taxes?<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Individuals<\/strong> who expect to owe <strong>$1,000 or more<\/strong> when filing<\/li>\n\n\n\n<li class=\"\"><strong>Corporations<\/strong> that expect to owe <strong>$500 or more<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"\">Failing to make required payments may result in penalties and interest at tax time.<\/p>\n\n\n\n<p class=\"\"><strong>How to Make Payments<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Federal (IRS):<\/strong> Pay online through the <a href=\"https:\/\/www.irs.gov\/payments\" target=\"_blank\" rel=\"noopener\" title=\"\">IRS Payments<\/a><\/li>\n\n\n\n<li class=\"\"><strong>Virginia:<\/strong> Pay online through <a href=\"https:\/\/www.tax.virginia.gov\/payments\" target=\"_blank\" rel=\"noopener\" title=\"\">VA Payments<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Estimated Taxes Both the IRS and the Commonwealth of Virginia require taxes to be paid as income is earned throughout the year. Payments are made in two ways: Estimated payments are often necessary for income such as: Who Needs to Pay Estimated Taxes? Failing to make required payments may result in penalties and interest at &#8230; <a title=\"Estimated Taxes\" class=\"read-more\" href=\"https:\/\/cliftontaxpro.com\/?page_id=385\" aria-label=\"Read more about Estimated Taxes\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-385","page","type-page","status-publish"],"aioseo_notices":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/cliftontaxpro.com\/index.php?rest_route=\/wp\/v2\/pages\/385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cliftontaxpro.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cliftontaxpro.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cliftontaxpro.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cliftontaxpro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=385"}],"version-history":[{"count":5,"href":"https:\/\/cliftontaxpro.com\/index.php?rest_route=\/wp\/v2\/pages\/385\/revisions"}],"predecessor-version":[{"id":826,"href":"https:\/\/cliftontaxpro.com\/index.php?rest_route=\/wp\/v2\/pages\/385\/revisions\/826"}],"wp:attachment":[{"href":"https:\/\/cliftontaxpro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}