Can I make estimated tax payments?

Yes, individuals and businesses can make estimated tax payments to the Commonwealth of Virginia Department of Taxation. Estimated tax payments are typically required for those who expect to owe tax of one thousand dollars or more when they file their annual return. This applies to both individual taxpayers and certain entities such as corporations. Generally, estimated payments are made in four installments throughout the year, and they help ensure that individuals and businesses do not face a large tax liability when filing their returns. The due dates for these payments usually align with specific dates, typically falling in April, June, September, and January of the following year. It is advisable for taxpayers to calculate their estimated tax liability accurately to avoid underpayment penalties. The Commonwealth of Virginia Department of Taxation provides various tools and resources on their website to assist taxpayers in estimating the correct amount they should pay. For specific details regarding eligibility, payment methods, and calculation of estimated taxes, including any recent changes, one may want to explore the current web page of the Virginia Department of Taxation for the most accurate and updated information.