5 Tips For Taxpayers Who File Quarterly


MoneyTips

Are you planning on joining the gig economy and becoming self-employed? Are you embarking on retirement after years with a traditional employer? We wish you the best, and, along with the IRS, we remind you to pay your quarterly income taxes.

Without an employer to submit payments regularly out of your paycheck, you are now responsible for paying your own taxes in increments to fulfill America’s pay-as-you-go tax requirements. You must make estimated tax payments if you expect to owe taxes of at least $1,000 for the year.

Underpayment of quarterly estimated taxes is on the increase, according to analysis of IRS data. The Wall Street Journal found a 40% increase in the number of taxpayers incurring penalties related to estimated taxes between 2010 and 2015, while a USA Today study found an increase of approximately 33% between 2007 and 2016. Making matters worse, the former reports that the potential number of filers owing penalties may be greater…

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