Nys Estimated Tax Payments Online for Individuals and Businesses

Making estimated tax payments is a crucial part of being a responsible taxpayer in New York State. You can make these payments online through the New York State Department of Taxation and Finance's website.

To get started, you'll need to register for an online account on the NY.gov website. This will give you access to a range of tax-related services, including making estimated tax payments.

The due dates for making estimated tax payments in New York State are April 15th, June 15th, September 15th, and January 15th of the following year.

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If you're wondering who must pay estimated tax in New York State, it's generally individuals, including sole proprietors, partners, and S corporation shareholders, who expect to owe tax of $1,000 or more when their return is filed.

Individuals who had a tax liability of more than zero in the prior year may also need to make estimated tax payments.

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Corporations, on the other hand, must make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.

To determine if you need to make estimated tax payments, you can refer to the worksheet in Form 1040-ES, Estimated Tax for Individuals.

Here's a breakdown of who must pay estimated tax:

Keep in mind that you can pay your estimated income tax online using your Individual Online Services account or tax preparation software, which is convenient, secure, and easy.

To pay your estimated taxes online, you can use the Electronic Federal Tax Payment System (EFTPS). This is the easiest way for individuals and businesses to make federal tax payments, including estimated tax payments. You can also pay online through the New York State Tax Department's website.

You can schedule direct debits through TurboTax, but if you choose this option, you'll need to contact the New York Department of Taxation and Finance to change any payment dates or amounts. Alternatively, you can print vouchers and mail a check or money order, or pay online at Make a Payment.

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Here are the estimated tax payment options available in New York State:

To pay estimated taxes, you'll need a few things. A prior year federal and state tax return is handy to verify your identity. You'll also need a bank account number and routing number. And, of course, a few minutes to complete the process.

To make an estimated tax payment, you'll need to select the correct option from the dropdown menu. If you're making a payment for the current year, you'll want to choose that option. If you're making an extension payment related to the prior tax year, choose that instead. And if you're making a payment for another reason, select a different option.

You'll need to verify your identity from a copy of a prior year tax return. You can choose any prior year, but you must enter the information exactly as it appears on the old return. Even if your address is different now, the information must match.

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Here's a quick rundown of what you'll need to enter:

Don't forget to record the date and amount of payment for easy access when it comes time to prepare your return. You'll also receive an email confirmation, but it's up to you to self-report the payment on your tax return.

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You have several options to pay your estimated taxes, and it's essential to choose the right one to avoid any underpayment penalty.

You can pay 100% of the tax based on your 2023 income, 100% of the tax on your 2024 estimated taxable income, 90% of the tax on your 2024 estimated taxable income, or 66 2/3% of the tax on your 2024 estimated taxable income if you're a farmer or fisherman.

If your income changes significantly from one year to the next, you may end up paying more or less than you need to, so it's crucial to choose an option that suits your tax situation.

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You can also pay a fixed amount that you determine on your own, but be aware that this may not match the amount you're liable to pay.

Here are the five options in more detail: