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1 Use your previous year's federal tax return as a check to make sure you include all the income and deductions you expect to take on your current year's tax return. 2  You should also look at the total tax you paid if you are going to base your estimated tax payments on 100 or 110 percent of your previous year's taxes.xample: You calculate that you need to pay $10,000 in estimated taxes throughout the year, and you don't make your first payment until June 15 (when the second estimate is due), so your first payment will be $5,000. Your September payment and your January payment will be $2,500 each.
Tina, You would not have to pay any taxes whatsoever on any gift received. The only people who would have to worry about taxes in this situation would be the family members but even they wonât have to pay or file a gift tax return because they are allowed to give up to $14,000 per person per year in 2015.hat still doesnât mean they owe gift tax. For example, say someone gives you $20,000 in one year, and you and the giver are both single. The giver must file a gift tax return, showing an excess gift of $6,000 ($20,000 â $14,000 exclusion = $6,000).