September 2014

Tax Deadlines

  

September 15, 2014 - Estimated Tax Payment: The deadline for the third quarter estimated tax payment is September 15, 2014.  Tennessee residents must submit their payment to the Internal Revenue Service Center,  P O Box 931100, Louisville, KY 40293-1100, using Form 1040ES. Checks should be made payable to the "United States Treasury."  If you want to make your payment to the IRS electronically please read below.
  
October 15, 2014 - Federal Income Tax Return:  If an extension was filed by April 15, 2014, the deadline for filing your 2013 federal income tax return is October 15, 2014.  Please provide us your information ASAP. This is the final deadline.

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IRS Direct Pay or EFTPS  - are two ways you can electronically wire your federal income tax payments to the IRS.  This would include payments due on your Federal Income Tax Return or for your Estimated Tax Payments.

 

IRS Direct Pay is a free and secure way to pay that is located on the IRS website under "Pay Your Tax Bill".  There are no fees or preregistration requirements.  Your bank account information is not saved in the IRS system after the payment is made unlike EFTPS. 

 

EFTPS is also free and secure but you have to register to use this service.  Your banking information is saved so that you can schedule payments up to one year in advance.  Password and Pin numbers are setup for your privacy.  Once you register for EFTPS, you will receive a letter in the mail with the initial password, etc.  You can then log in and change the password to your specific one.


 

 


Reminder:  Estimated Tax Payment Rules
- the basic estimated tax rules have not changed.  You can avoid penalties by paying in the same amount of tax for 2014 that you owed on your 2013 tax return or 90% of the 2014 total tax, whichever is less.  If your 2013 adjusted gross income is greater than $150,000, you will have to pay in 110% of the prior year's tax or 90% of this year's tax whichever is less.

 

 

6921 Office Park Circle Knoxville, TN  37909
                          865-588-5288

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Fall is approaching.  Enjoy the fall weather and the fall activities!
  
Please call us at 865/588-5288 if you need any guidance with your 2014 tax or financial planning needs. 

We are very grateful for your business!