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(Art Credit: Pedro Gomes) This article is posted with permission from our partner IRS and originally appeared on the IRS blog at: https://www.irs.gov/newsroom/school-is-out-for-the-summer-but-tax-planning-is-year-round Subscribe to IRS tax tips here. By law, everyone must pay tax as they earn income. Generally, taxpayers must pay at least 90 percent of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two. If they don't, they may owe an estimated tax penalty when they file. Some taxpayers earn income not subject to withholding. For small business owners and self-employed people, that usually means making quarterly estimated tax payments. Here are some key things to help taxpayers determine if they need to make estimated tax payments:
More information:via Freelancers Union Blog https://blog.freelancersunion.org/2022/06/27/what-taxpayers-need-to-know-about-making-2022-estimated-tax-payments/
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AuthorI have 5+ years experience working as a medical transcriptionist. When I am not working, I enjoy sports like playing basketball or judo. I love making friends and connections. Archives
April 2023
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