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To make estimated tax payments in Kansas, individuals and businesses can use the Kansas Department of Revenue's online portal.
The portal allows users to make payments and view their payment history.
Kansas requires individuals and businesses to make estimated tax payments if they expect to owe $1,000 or more in taxes for the year.
These payments are due on April 15th, June 15th, September 15th, and January 15th of the following year.
To make an online payment, you'll need to create an account with the Kansas Department of Revenue.
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Who Must Pay
If you're a sole proprietor, partner, or S corporation shareholder, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when your return is filed.
As a business owner, I've learned that it's essential to plan ahead and make estimated tax payments to avoid penalties and interest.
Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.
If this caught your attention, see: What Is a Tax Return
Corporations generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.
If your tax was more than zero in the prior year, you may have to pay estimated tax for the current year, so be sure to check your prior year's tax return to see if you need to make estimated tax payments.
Estimated Tax and Payment
If you're a Kansas resident who's self-employed or has a business, you're likely familiar with the concept of estimated tax payments. Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.
To figure your estimated tax, you'll use Form 1040-ES, which is available on the IRS website. You'll need to estimate your expected adjusted gross income, taxable income, taxes, deductions, and credits for the year.
You can use your prior year's federal tax return as a guide to help estimate your income and tax liability. It's a good idea to review the worksheet in Form 1040-ES to ensure you're accurately estimating your tax obligations.
You must make adjustments both for changes in your own situation and for recent changes in the tax law. If you estimated your earnings too high or too low, you can simply complete another Form 1040-ES worksheet to refigure your estimated tax for the next quarter.
Using the Electronic Federal Tax Payment System (EFTPS) is the easiest way to pay federal taxes, including estimated tax payments. You can make payments from your bank account and access a history of your payments to ensure you're meeting your tax obligations.
Here are the steps to enroll in EFTPS and make payments:
- Enrollment is required to use this option
- Make payments from your bank account
- Make tax deposits; pay estimated taxes, Offer in Compromise (OIC) or other types of payments
By following these steps and using Form 1040-ES to estimate your tax liability, you can ensure you're meeting your estimated tax obligations and avoiding any potential penalties.
Sources
- https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
- https://ksbiz.kansas.gov/operate/pay-business-taxes/
- https://www.irs.gov/payments
- https://www.taxact.com/support/25510/state-tax-owed-expectations
- https://www.thomsonreuters.com/content/helpandsupp/en-us/help/ultratax-cs/1040/estimates/enter-state-city-and-school-district-estimated-tax.html
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