Quarterly Estimated Tax Payments: When Are They Due, How Do You File and More

Quarterly Estimated Tax Payments: When Are They Due, How Do You File and More

Quick summary:

1. Some classes of workers -- particularly those whose income is exceptionally modest, inconsistent or seasonal -- are exempt from having to make quarterly payments to Uncle Sam, however:If your net earnings were $400 or less for the quarter, you don't have to pay estimated taxes -- but you still have to file a tax return even if no taxes are due.

2. Essentially, estimated tax allows you to prepay a portion of your income tax every few months to avoid paying a lump sum on Tax Day. 

3. When filing your estimated taxes, use the 1040-ES IRS tax form or the 1120-W form if you're filing as a corporation

#biyro #accountant #taxseason #broward #miami

More: https://biyro.com/blog/freelance/quarterly-estimated-tax-payments-when-are-they-due-how-do-you-file-and-more/

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