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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.
There is no amount at which you would either have to pay a gift tax or report he money as income to the IRS. Gift tax is paid by the giver and is 46% not a mere 3.5% as one answer says. if it was 3.5% there would be a lot less estate planning attorneys out there. Bona fide gifts are never taxable to the recipient. Therefore there is no limit as to how much you can receive. The recipient NEVER needs to report the gift to the IRS under ANY circumstances. Although the lifetime exclusion is $1,000,000 that is cumulative, NOT per recipient as stated by another respondent.