R-SchuleCPA
Expert Alumni

Get your taxes done using TurboTax

If you expect to owe more than $1,000 in federal taxes for the tax year, you may need to make estimated quarterly tax payments using Form 1040-ES, or else face a penalty for underpayment.

 

Please don't forget that estimated tax liability should include both income taxes and self employment tax.

 

Also if your state has income tax, then it's estimated tax requirements will likely be different.

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