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Estimated Tax Payments: How to Make Estimated Tax Payments Online or By Paper) - YouTube
Channel: Money and Life TV
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what's up everybody Mike the CPA here
and chipper in today's
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short video we're gonna show you three
easy ways to make an estimated tax
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payment that's right
this is major life skill central! This is
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very important for you guys to know and
by the way I hate making freakin
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estimate payments
it basically means more money comes out
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of my pocket and I have less disposable
income even chipper doesn't like making
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estimated tax payments hey sorry folks
he gets a little worked up let's start
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off by showing you guys how to make an
estimate payment online it starts off by
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us going to the IRS gov website up here
as you can see then right here see where
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it says make a payment you're gonna
click that make payment says pay your
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taxes now and you're gonna go to direct
pay you can also pay with a debit or
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credit card versus a check but there's
fees associated if you try to pay with a
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debit card or credit card so if you have
a checkbook I would highly recommend you
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pay with your check so go to the direct
pay click there and you can read through
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this as we can see here but if you want
to skip straight to it we're gonna go to
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make a payment and now it brings us to
this lovely screen now this is the first
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part that's really important so it says
you'll notice here the first selection
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in this drop-down it says reason for
payments well we want to select
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estimated tax because we're making an
estimated tax payment for the tax year
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we're currently in it says apply payment
to it's gonna give you in this scenario
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it's there's 1040 es for 1040 1040a or
1040ez so what as long as you file one
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of those three forms each year 1040 1040
EZ or 1040 a you're good so making sure
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that selected now to make sure the year
is selected for your current tax year so
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we're in 2018 at the time of this video
so I'm selecting 2018 and we hit
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continue it says you have chosen to make
an estimated tax payment for your 1040
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es for these forms is this correct when
we hit yes now that once our information
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so let me just kind of filled this out
already for you guys so what you're
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gonna do is you're gonna drop in your
next year for verification and it's
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gonna have you verify some numbers in a
previous tax year to make sure it's you
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so the purpose the most recent year in
this example because we're in 2018 was
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2017 so we've already filed our 2017
taxes hopefully I hope you have and then
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we're gonna select our filing status
right here you can select single or
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married filing joint or one of these
other statuses so we're married here
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chipper is the name of our cockatiel
who's paying his estimated tax payment
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so we have chipper last name is the
cockatiel we have a social security
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number entered right there we have his
date of birth as January of 85 he lives
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in the United States at 100 cockatiel
away I probably wouldn't recommend
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trying to look up that address because
it's totally fake but in a minute here
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I'm the enter my real information so we
can get the next screen however I can't
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share that lovely data with you find
folks on YouTube over the Internet sorry
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but we're gonna go to the next screen
here in a second so once that inner
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information is all entered then we can
go and proceed to the next screen now
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we're on the direct pay screen and that
this is where we enter our payment
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information so as you can see here
chipper is ready to make a $100.00
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estimated tax payment he confirms the
payment amount once again for $100
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payment date is gonna be July 13th of
2018 because that's where we're at today
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folks we're gonna put our routing number
in here from our checking account this
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is chipper checking account in his
account number
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not a real account number and then of
course that we're gonna mark checking
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you can mark checking our savings and
then it says I would like to receive an
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email confirmation notifications and
agree to the email Terms of Service and
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I always recommend selecting YES for
that because you can always unsubscribe
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later from it but it's nice to have an
e-mailed receipt of your payments and I
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highly highly encourage that you do so
folks because why do you want to spend
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money and not have proof of it later on
alright so make sure that email box is
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checked you're gonna drop in your email
address twice of course because they
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don't trust you the first time so we're
going to put chipper at gmail.com and
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chipper at gmail.com once again once
again fake email address just because
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this is all for an example here folks
and then we're gonna click continue to
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go on to the next screen just about done
now this little when you click continue
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from direct that drew last direct a
screen you're going to get
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this little notice that pops up says
disclose your authorization and
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basically you must agree to their terms
just click I agree because if you don't
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you can't proceed forward so you click
agree and then you're gonna go down this
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list here and just verify this data make
sure you have everything correct like is
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this for an estimated tax payment yes
is it a 1040 yes that is applied to a
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1040 1040 a 1040 EZ yes
tax payments for the right year 2018 yes
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dollar amount is correct yep
payment date is this we've got our bank
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account information checking account
number we've marked our email Terms of
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Service etc and then the right this last
part right here is the electronic
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signature so this is where we're gonna
put in our name first and last name so
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we're gonna put it in chipper the
cockatiel and then chipper is gonna put
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in a social security number right there
we're gonna click this little box that
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says I accept the debit authorization
agreements so the last step of course
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was we hit would hit submit and then we
would end up getting a confirmation
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saying that the payment has been
scheduled and then your your payments
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should come out either that day or the
following day I think it's the following
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day when the payment account if you look
at your bank statement or your online
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banking account was where you'll see the
payment being with withdrawn by the IRS
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and that's how you make a payment online
folks luckily guys I've actually done
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this myself I've actually made a real
payment this when you go to that final
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screen now I wouldn't have been able to
show you without money coming out on my
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check checking account but I've actually
made a payment and asked me the tax
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payment for 2018 earlier this year this
is what the receipt looks like after
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you've made the payment online I think
this comes to you in the form of an
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email but if it doesn't make sure you do
the print at to PDF or save as PDF
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screen or printed out to a physical copy
keep it for your tax records it's very
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important that you hold on to this
document either in paper or
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electronically but that's what one of
these receipts looks like and just keep
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it for your tax year because you're
gonna need it when it comes time to file
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your taxes moving on now to how to pay
your tax estimates via paper so that
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we're gonna go to Google we're going
we're gonna search 1040 es you can even
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do the year you're in so we're in 2018
so I'm gonna type 2018 and it should be
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the first thing that comes up and it is
right here see where it says 2018 form
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1040 yes - IRS gov thats our baby that's
the one we want you can even see that it
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says WWI RS gov right there to even
prove it further so we're gonna click
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this it's gonna open up PDF and this is
the it's got some instructions in here
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for you it has some general rules which
I'm not gonna cover in this video this
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is all about just how to make a payment
I'm not gonna go in another video I'm
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gonna cover how at taxes I mean the
payments work in a general sense so you
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guys have a better feeling for it a
better idea but if you scroll down here
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there is a payment voucher
let's keep scrolling keep scrolling
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right here here we go they start AHA
starts right here there's for payment
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vouchers okay because as you guys can
imagine its its quarterly estimated tax
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payments so if you guys make estimates
then the that's why there's four
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vouchers because they're usually
quarterly estimates you don't have to
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make them quarterly you can make you can
pay one or two estimates if you want if
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you've upped the amount but that's
really something to for you to figure
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out when you're doing tax planning or
working with an accountant yourself so
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for the month of July through September
is the third quarter of 2018 right well
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what you're gonna do is you're gonna
come down here and fill out the amount
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of the estimate on paper and you're
gonna be once you're all done with this
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you're gonna print it out whoops there's
not one hundred cents you're gonna put
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your name your address right so chipper
the cockatiel chippers social security
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number if you have your spouse if your
flat due married filing joint you're
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gonna put your spouse's information
right here I'm not going to fill all
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this out it's pretty self-explanatory
right you're gonna put their last name
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your social security number and then
your your address zip code etc and then
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see where it says tear off here so once
you've entered the dollar amount and all
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this basic information here you're gonna
cut this part out
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you're gonna just take scissors cut it
out and then you're gonna place an
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envelope well how do you know where the
heck to Mel this thing off well you're
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gonna write a check if you go to the top
guys if you go to the top of the
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documents first of all if you want to
find out where to Mel it see where it
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says where to file your estimated tax
payment voucher if pain by checked our
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money order well this is where you do it
this is so I'm I live in California so I
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need to send my check to where do I send
my check to you guys do you see
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California on here ha ha right here so I
would send my check to this one p.o box
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5100 or whatever that number is that
goes to San Francisco so this is where I
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would do because that's where I live but
you just find the state you live in and
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then that's the address you would mail
the estimated tax payment to and then
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you would on this kind of tells you how
to write the check we're all right here
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in this part right here so if you just
read this it will tell you to on the
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memo line of the check you're gonna
write 1040 - yes you're gonna write your
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social security number make sure you
read these instruction guys it's pretty
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self-explanatory but take time to read
this so that you know you're mailing
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your check off to the right address
have the right stuff on the memo line
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your social security number information
all that stuff is what it needs to be so
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the IRS when they receive your payments
they can match it up with the right
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social security number and all that good
stuff you want to be very careful about
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that so just make sure you're paying
attention to these instructions before
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you mail it off that's how you make your
estimate payment by paper there's a
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third way that many people don't know or
don't even have to think about but now
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I'm gonna show you how to make an
estimate a tax payment using your
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current year tax return what you can do
that actually you can let me show you
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how ok so this is a third way to make an
estimate payment so it's not online it's
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not via paper that's actually when
you're preparing your return so this is
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obviously a tax form 2017 the 2018 1040
forms have not been released yet for
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personal income taxes IRS is doing a lot
of work on those right now we're going
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on page 2 of the 1040 we're going near
the bottom this is for people who have a
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refund or who are overpaid on their
current your taxes okay is if you owe
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money it's not you're not gonna be able
to make an estimate but let's say
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chipper let's say
chipper taciturn and he let's say he's
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overpaid by a thousand bucks okay so
he's gonna have a thousand-dollar refund
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coming to him so he can like I said he
can choose chipper can get that refund
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for 2017 or he can have that refund
instead of coming to him in the mail in
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the form of cash or cheque he can have
his refund applied to his 2018 estimated
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taxes because chipper is a tax filer who
has to pay estimates because his income
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fluctuates quite often he's owed large
balances in the past so that's why
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chippers required to pay estimates in a
general sense so instead of getting
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refunded now chipper can indicate on his
tax return when he's preparing his taxes
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that he wants his refund to count to go
towards 2018 taxes the way chipper would
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apply this thousand dollar refund the
next year's estimates you see on line 76
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a it says amount of line 75 which is
this refund amount you want refunded to
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you he's gonna put zero here or leave
that blank either ways fine
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now on line 77 see how it says amount of
line 75 you want applied to your 2008
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teen estimated taxes this is the line
we're looking for so we're gonna put all
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$1,000 right there
so what's chipper wants the entire
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amount of his overpayment or his refund
applied to next year's taxes so that's a
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third way to make an estimated tax
payment though there's as you guys can
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see here guys there's multiple ways to
do it you can do it online you can do it
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on paper those are the two most common
ways in some circumstances when you're
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filing your taxes you might have a
refund and in that instance you can also
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instead of receiving that money in the
in the bank you can apply it to Nick
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skiers estimates because typically when
a person has to pay estimates they are
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gonna have to even if they get the money
back in the form of a refund that you
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know if it comes to their checking
account well chances are they're gonna
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have to send it back to the IRS anyways
so that's why you can apply it towards
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Nick's year's taxes especially for
somebody who's gonna have to write the
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check anyways you might might as well
just do it here on your tax return it's
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much simpler than writing a check and
going through the hassle okay guys I
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hope you found those three ways to make
estimate payments helpful a lot of pee
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in the United States has to make
estimated tax payments I just wanted to
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show you quickly how to do it it's not
that hard but there's multiple ways of
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doing it as you guys can see from this
video now I know I didn't cover how
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estimated tax payments work I'm working
on a video on that at the time of
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filming this video I do not have that
other video ready but I will so make
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sure before you leave this video if you
want to learn how estimated tax payments
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works be checking for a link to another
video on that subject look in the
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description section down below and I'll
also put it in the comments section of
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this video
once it's ready okay so it might not be
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there yet but once it's ready I'll make
sure you you guys can can have it I'll
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link it up and also have it show up at
the end of this video anyways I hope you
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found this information helpful guys if
you have any questions I'm sure you
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might because I went through this
information kind of quickly because I
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wanted to be straight to the point let
me know in the comment section down
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below I'd be happy to get back to you
guys and try to answer any questions you
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may have to the best of my ability
now that you know the three ways to make
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SMS tax payments don't brag about it
brag about your knowledge at the dinner
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table tell them what you learned because
you know yet you didn't just come here
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to learn how to make payments you came
here to learn how to about to brag about
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your extensive tax knowledge which you
have gained even more from like the CPA
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on money and life TV if you have not
already subscribed to our channel be
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sure to do so by hitting the red
subscribe button down below the video
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every single week on this channel we're
all about helping people like yourself
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become more fiscally fit because we
teach finances investing in taxes on a
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so be sure to subscribe so you do not
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miss any of our future uploads if you
liked the video make sure to drop a like
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before you leave it really helps out the
channel and be sure to share this
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information with a friend especially
somebody you know who's having trouble
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with taxes or might need to make
estimated tax payments I'm sure they
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would find this information helpful to
learn how to do it in any way that they
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feel most comfortable with and what's
the best way to make your estimated tax
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payment real it really just comes down
to you you choose the way that you feel
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the most comfortable with and I
recommend doing it that way alright guys
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well until next time it's been a
pleasure as always hang out with you
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here on YouTube I will see you all in
the next video be looking for that video
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on how estimated tax payments work
coming up in the future until next time
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I love you guys thanks so much for
hanging out with me
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here on YouTube and chipper and I will
see you in the next video take care and
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live your life on caged bye guys
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