Latest news with #April15
Daily Mail
06-07-2025
- General
- Daily Mail
Chilling truth behind Titanic 'curse' that plagued the captain's daughter to her death
When Captain Edward Smith went down with the Titanic on that frigid morning of April 15, 1912, it seemed to confirm what many had already started to whisper: that the 'unsinkable' ocean liner was, indeed, cursed. In the months and years that followed, reports swirled about a possible jinx. Were early mishaps a precursor to eventual disaster? Was the ship hexed by an Egyptian mummy's coffin lid stored in its hold?
Yahoo
10-06-2025
- Business
- Yahoo
Self-employed? Your next estimated tax payment is due soon
If you're self-employed or earn certain types of income, there's a good chance you'll need to pay estimated taxes — and your next payment is due soon. There are four due dates for estimated tax payments: The first one is April 15, the next one one is June 16, followed by Sept. 15 and then Jan. 15 the following year. Usually the due date is the 15th of the month, but June 15 falls on a Sunday this year, so the due date is June 16. For context, the U.S. tax system is a pay-as-you-go model: You're meant to pay taxes as you receive income throughout the year. If you're an employee, taxes are withheld from every paycheck and sent to the IRS by your employer. But self-employed people have to take care of their own tax payments. If you don't make estimated payments and instead wait until the tax-filing deadline to pay your taxes, you may face late-payment penalties and interest. Estimated taxes are owed four times a year on any taxable income you earned during that period that wasn't subject to federal withholding. That is, you received income and no money was withheld to pay your tax bill. If your sole income is a salary from an employer, you generally don't need to worry about estimated taxes, because your employer withholds money from your paycheck to pay the IRS on your behalf (just make sure you have enough withheld from your paycheck). Learn more: W-4 form: How to fill it out in 2025 But anyone who receives income from which taxes haven't been withheld needs to understand how and when to pay estimated taxes. Types of income usually not subject to tax withholding, and thus liable to require estimated tax payments throughout the year, include: Self-employment earnings Gig or side hustle earnings Interest Dividends Capital gains Prizes Rents Unemployment compensation Social Security benefits in some cases You'll need to make estimated tax payments if you expect to owe more than $1,000 in taxes for the year, after any withholding you paid or refundable credits you're eligible for are subtracted out. (Note that special rules apply for farmers and fishermen.) The IRS wants Americans to pay taxes as they earn money. Normally, penalties and interest apply for underpayments and late payments. However, the IRS offers safe harbor guidelines to help you avoid those penalties, even if you're not sure exactly how much income you'll have for the year. For example, let's say you earned self-employment income in 2025. As long as you make estimated payments (either in one lump sum by the first deadline below, or spread out over four or more payments by the deadlines below) that add up to 90 percent of your total 2025 tax bill, you won't owe penalties or interest. There's another safe harbor, one that's especially useful if you're not sure how much you're likely to owe in taxes for 2025: You can pay 100 percent of your 2024 tax bill (paid in a lump sum by the first deadline below, or spread out over four or more payments by the deadlines below) to protect yourself from owing penalties and interest. That safe-harbor percentage rises to 110 percent if your 2024 income was $150,000 or more, whether single or married filing jointly (or $75,000 if married filing separately in 2025). Learn more: IRS underpayment penalty: What it is and and how to avoid it The 2025 deadlines for paying estimated taxes are as follows: Estimated tax payment deadlines for 2025 For income received in this time period April 15, 2025 Jan. 1 through March 31, 2025 June 16, 2025 April 1 through May 31, 2025 Sept. 15, 2025 June 1 through Aug. 31, 2025 Jan. 15, 2026 Sept. 1 through Dec. 31, 2025 The fourth deadline is always in January of the following year. Normally, the estimated tax deadlines fall on the 15th of the month, but when this date falls on a weekend or federal holiday, the filing deadline is pushed to the following business day. Need an advisor? Need expert guidance when it comes to managing your money? Bankrate's AdvisorMatch can connect you to a CFP® professional to help you achieve your financial goals. Form 1040-ES offers instructions for figuring out your estimated taxes and provides vouchers to send along with your estimated tax amounts if you pay by check or money order. Choosing the '100 percent of the previous year's tax bill' safe harbor option is simple. Simply look at your tax return for the previous year, and then make estimated payments that add up to the total tax owed for that year. There is a different safe harbor for high earners, defined by the IRS as those making $150,000 or more if single or married filing jointly (or $75,000 if married filing separately in 2025): They must pay 110 percent of the previous year's tax liability to meet the safe harbor. For example, if your tax bill last year was $30,000, this year you would pay $33,000 (10 percent more) in estimated and/or withholding taxes to avoid underpayment penalties. If you choose the '90 percent of this year's tax bill' safe harbor, then, depending on your situation, you might use your previous year's tax return as a source for calculating how much you owe. Check the income claimed and deductions taken on the previous year's federal tax return and assess whether they will be comparable in the current year. The IRS promotes the idea of paying estimated taxes in four equal payments over the year, but some businesses are seasonal. For example, a landscaping business makes most of its money during the warmer months of the year. It's wise to pay the tax as you get income. In this situation, you'd follow the annualized income installment method that enables you to pay when you're flush with cash. Instructions are in IRS Publication 505. Once you determine the amount to pay, the IRS will accept your money in several ways, including: Direct payment from your checking or savings account. The IRS2Go mobile app (IRS2Go is available in the App Store or on Google Play.) Payment with debit or credit card. Use of the Electronic Federal Tax Payment System. Same-day wire through your bank. Cash at a participating retail establishment. Instructions for making payments can be found at If you pay online, which you can do any time of the year, be sure to select the tax year and tax type or form associated with your payment. If you pay by check or money order, send the payment along with a Form 1040-ES voucher to the address specified for your state or territory on that form. Make the check out to the United States Treasury, and in the notes section in the lower left corner, specify the tax year and 'estimated taxes.' If you live in an area that has experienced a natural disaster, keep in mind that the IRS may have postponed the due dates for estimated tax payments. A list of such situations can be found on the IRS website. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
04-06-2025
- Business
- CBS News
IRS electronic payment system delays mean some taxpayers are getting bills for taxes already paid
Some taxpayers who paid their taxes by the April 15 deadlines are getting notices telling them they still owe money, all because of delays with the IRS electronic payment system. Some of the people impacted have also said they've found it impossible to get through to the IRS for help. South Dakota couple Laura and Dustin Floyd paid $18,000 on the 2025 tax deadline, so when they got another bill this week for the same amount, even though the money had been taken out of their account in April, they were confused. "It was near on a panic attack," Laura Floyd said. "It was terrifying. I'm still shaky just thinking about it." The Floyd reached out to CBS News Chicago after seeing a report Tuesday about the IRS notices. "I discovered your story. You were the only ones talking about it," Dustin Floyd said. An IRS agent told a CBS News Chicago producer, who is also impacted by the mistake, that their electronic payment system is experiencing delays in processing money sent in by April 15. They said they should be caught up by June 29 and assured us that penalties and interest would be erased. But why isn't this information being shared directly online? "There really hasn't been any transparency on the issue, no," Dustin Floyd said. The Floyds said it's now impossible to get through over the phone; they said they were on hole for two hours Tuesday only to hear their calls get disconnected. "I called again this morning. Went through the menu options again and the answer this time was 'We're sorry, due to extremely high call volume on the topic you've requested we cannot take your call at this time. Goodbye,'" Laura Floyd said. A Treasury Inspector General for Tax Inspection report published in May reveals that more than 11,000 IRS workers were fired or accepted deferred resignation through March, comprising about 11% of the staff. About 7,000 of those workers were probationary, some of whom may be back on the job by now. CBS News Chicago reached out for clarification and to ask what's going on with the electronic payment system. After two days of emails and phone calls, the IRS said they are working on answers but probably won't have anything Wednesday.
CNA
22-05-2025
- Business
- CNA
Intuit forecasts strong quarterly profit after tax season boost
(Corrects typo in paragraph 1) By Jaspreet Singh Intuit forecast fourth-quarter revenue and profit above Wall Street estimates on Thursday, signaling growing demand for its artificial intelligence-driven financial management tools and sending its shares up more than 5 per cent in extended trading. The tax filing season in the U.S. from January 27 to April 15 also helped the company report upbeat third-quarter results as many taxpayers used Intuit's software to file their federal income-tax returns. Intuit provides financial management and compliance products such as its tax-preparation software TurboTax, personal finance portal Credit Karma and accounting software QuickBooks. The company said it would launch AI agents, systems which can take actions for users, in the coming weeks and add these agents into its QuickBooks product portfolio. "These agents are going to be incorporated into the lineup... we are going to be revamping our lineup. There's going to be a new lineup, and as part of that, we will have price changes," CFO Sandeep Aujla told Reuters. In addition to the core portfolio, there will be options where customers can choose specific agents based on their needs, such as an accounting agent or a finance agent, and pay for them separately, he said. Intuit forecast fourth-quarter revenue between $3.72 billion and $3.76 billion, above analysts' average estimate of $3.51 billion, according to data compiled by LSEG. Adjusted profit per share expectations of $2.63 to $2.68 for the quarter ending July 31 also beat estimates of $2.59. Revenue for the third quarter ended April 30 rose 15 per cent to $7.75 billion, beating estimates of $7.56 billion. The adjusted profit per share of $11.65 also exceeded estimates of $10.91. Intuit also lifted fiscal 2025 forecasts. The company expects revenue growth of about 15 per cent, up from its prior forecast of 12 per cent to 13 per cent. The company said its total TurboTax Online units, number of individual online tax returns filed using the platform, are expected to decline about 1 per cent in fiscal 2025, while the paying units are expected to grow 6 per cent.
Washington Post
14-05-2025
- Business
- Washington Post
Help! My son's Social Security number was stolen. Now he has a fake W-2.
For many, the anxiety around taxes extends beyond the traditional April 15 deadline. As official notices from the IRS begin to arrive, a different kind of worry takes hold — the unsettling prospect of an unresolved issue, an unexpected tax bill, or questions about a return. This was the case with two readers calling into my Ask Post line looking for advice. One involved a late return; the other, an erroneous W-2.
