Investors, entrepreneurs and others who make estimated tax payments to the government will start benefiting from the new law’s lower tax rates by Monday, June 16 when they make their second quarterly payment, the Internal Revenue Service noted this week.
By using the new provisions to refigure their projected 2003 income tax, many will be able to reduce their payments for the rest of the year.
The IRS Web site has an overview of key changes to be considered, the new tax rate schedules to be used and worksheets in Publication 505, "Tax Withholding and Estimated Tax," for computing special items. To view the changes, go to www.irs.gov/newsroom, click on "What's Hot" and then the estimated tax article.
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