Jun 8, 2022 Do I Need to Start Making Federal Estimated Income Tax Payments?
If you ask yourself this question, we have a flow chart to help you determine if you need to start making federal estimated income tax payments. Federal estimated income tax payments need to be made quarterly based on that quarter’s earnings. You may be subject to a tax penalty if you don’t pay quarterly. You may be covered by withholding from other sources such as pensions, social security, or IRA distributions, so follow the chart to see if this applies to you.
Link to PDF Document: Estimated Income Tax Payment Flow Chart
If you think you might need to make estimated tax payments or have any questions, please follow up with your accountant or your advisor.
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