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Tax News Third Quarter Estimate Tax Payment is What?

New for the 2010 tax year, the third quarter estimated tax payment requirement is zero percent (potential exceptions include taxpayers who underpaid in the first or second quarter or taxpayers who annualize their income). So, now is a perfect time for you to review your clients’ 2010 estimated tax payments. Use Form 540ES, Estimated Tax for Individuals, or Form 100ES, Estimated Tax for Corporations, to help you determine if your clients’ tax liability is on track, overpaid, or underpaid. If you find that your clients’ tax liability is underpaid, you can minimize their underpayment of estimated tax penalty by paying in the third quarter. You might also want to consider splitting the 30 percent fourth quarter requirement between the third and fourth installments.

You can check your individual clients estimated tax payments we received at ftb.ca.gov and search for MyFTB account. For your corporate clients, you can call our Tax Practitioner Hotline 916.845.7057. The best time to call the Hotline is between 8-9 a.m.

Back to September 2010 Tax News