Filing Tax payments

Submitted by Darryl Gates on Fri, 2019-04-05 18:23

if I have to file quarterly individual estimated tax payments? How will i come to know about this?

Regards,
Darryl Gates
Accountant – https://www.apps4rent.com/

Permalink Submitted by Alan - IRA critic on Fri, 2019-04-05 19:25

You cannot pay your total tax bill when you file unless you will owe less than 1000. Paying throughout the year must be done using either withholding or quarterly estimates. Therefore, if you do not use withholding, that leaves quarterly estimates as the only option. If you do not know what your tax liability will be for a year, you can avoid penalty by paying in an amount equal to your tax liability for the prior year, which you know. If you use withholding the withholding can be taken anytime during the year, but if paying by estimates, you generally need to pay in equal quarterly amounts. There are exception however, if your income is realized late in the year and you use a special method of reporting (Form 2210 AI).
Please note – this forum is dedicated to IRA and other retirement plan issues. It is not a general tax forum for all tax related questions.