2008 Tax Guide

Click on links at right to view additional charts.

Estimated Tax Payments
Who Must Pay Estimated Tax
 
If you had a tax liability for 2007, you may have to pay estimated tax for 2008.
 
General Rule
 
You must pay estimated tax for 2008 if both of the following apply.
  • You expect to owe at least $1000 in tax for 2008 after subtracting
    your withholding and credits.
  • You expect your withholding and credits to be less than the smaller of;
    • 90% of the tax to be shown on your 2008 tax return, or
    • 100% of the tax shown on your 2007 tax return. Your 2007 tax return
      must cover all 12 months.
 
Due Dates (for individuals)
 
First InstallmentApril 15, 2008
Second InstallmentJune 16, 2008
Third InstallmentSeptember 15, 2008
Fourth InstallmentJanuary 15, 2009
 
Source: U.S. Internal Revenue Code