TRACK YOUR REFUND:

 

 

Fed refund schedule

 

Standard Mileage rates

Business
2011: Jan – Jun 51 cents/mile
2011: Jul – Dec 55.5 cents/mile
2012: 55.5 cents/mile

 

Charity:
2011 & 2012: 14 cents/mile

 

Medical/Moving:
2011: 19 cents/mile 2012:
23 cents/mile

 

 

 

[individual taxes]

INDIVIDUAL ESTIMATED TAXES

Who has to pay?
Generally, anyone who expects to owe more than $1000 when their taxes are completed.

How much to pay?
To avoid penalty, you need to pay in the lesser of:

  • 90% of the current year’s total tax, OR
  • 100% of the prior year’s total tax  (It’s 110% if your prior year adjusted gross income was over $150,000) ($75,000 for married filing separately). 

Estimating your current year’s tax is based on your individual tax situation.

When to pay?

  • 1st quarter – April 15th
  • 2nd quarter – June 15th
  • 3rd quarter – September 15th
  • 4th quarter – January 15th

Penalties:
There are penalties for not paying enough in estimated taxes, but they are small – provided you pay everything by April 15th. Keep in mind that the IRS expects to receive four equal payments, one each quarter. If your earnings did not come in evenly, then be sure to show that on Form 2210.