Any taxpayer that has income that is not subject to
withholding may need to make quarterly estimated income tax payments.
If you have just started a new business or have income from
investments, you need to determine if you are required to file tax estimates.
Failure to pay quarterly tax estimates can lead to sizable tax penalties and
interest. This is above and beyond the added income tax that is due at filing
time.
Even if you have a regular job that pays wages subject to
income tax withholding, you might have enough additional other income to
necessitate paying estimates. Estimates are computed and filed on a quarterly
basis with IRS Form 1040-ES.
If you have had a sizable increase in your interest or
dividend income, sold an asset, or started a small business, let us assist you
with your tax estimate determination.
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