Your guide to IRS estimated tax payments—including who needs to pay them and when.
as “tax time,” the Internal Revenue Service considers tax time to be year-round. In fact, U.S. taxpayers are required to pay taxes throughout the year.. However, if you’re self-employed or receive non-employment income from sources such as investments or rental property, it’s likely you don’t have taxes regularly withheld from your earnings. In this case, you may need to make estimated tax payments to the IRS.
Unlike traditional employees who have taxes withheld from their paychecks by their employers, many individuals don’t have income taxes—or enough income tax—regularly withheld from their pay. In these cases, tax payments—also known as estimated quarterly tax payments—must be sent to the IRS throughout the year.
You had no tax liability for the previous tax year Your previous tax year covered an entire 12-month period “If there was a one-time spike in your income, your tax software is not taking this into account for its calculations for next tax year,” says Ed de la Rosa, a certified financial fiduciary with Solid Ground Financial.
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