Uncle Sam Keeps Ringing: Estimated Taxes
Now that you are done with this year’s taxes, you can start worrying about next year’s taxes—and whether you need to pay estimated taxes.
The need to file an estimated return is tied to a penalty for underpaying your taxes, notes CCH, a leading provider of tax, accounting and audit information. Individuals are expected to pay almost all their tax—through withholding or estimated taxes or both—before filing on April 15. If you fall short by more than a certain amount, you have to pay a penalty and generally have to file an estimated return for the following year, along with the first of four quarterly payments.
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