I didn't pay taxes last year. Do I have to estimate and pay taxes for this year?

The IRS states that if you are expected to owe more than $1,000 in taxes at the end of the year and your expected withholding (from another job) is not enough to cover the tax you paid last year or 90 percent of your tax due this year (whichever is smaller), you are expected to pay estimated taxes throughout the year at four different dates.

For more information see the IRS web site for Self-Employed individuals.

Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.
Powered by Zendesk