Quarterly Estimated Tax Estimates

Thursday June 1, 2017

Dear Client,

The next due date for quarterly estimated tax installments is Thursday June 15, 2017.

During the tax year you must prepay a substantial amount of the taxes you will owe for that year especially if you are self-employed or retired; or you risk an underpayment penalty. To avoid a penalty, the total of your withholding and estimated tax payments must generally be:

• At least 90 percent of your current year’s tax liability,
• 100 percent of your last year’s tax liability, or
• 110% of your last year’s tax liability for high income earners

You pay your estimated taxes by making four payments, due in April, June, and September of the current year, and in January of the next year.

If you think you need to make estimated tax payments and have lost your vouchers or are unsure how much your payment should be, please contact our office at (636)530-1040 and we can assist you with this.

Thank you,

Holt & Patterson, LLC