I would like to not bother with estimated tax payments this year and suspect I might be fine to do so.
My IRS tax liability will be $556 for 2024
My CA tax will be $110.
My understanding is that I am below the $1000 threshold for Fed tax and the $500 threshold for State.
I am confused by the wording about the effect of my taxes paid for the prior year. Is it true that regardless of this years low tax liability, I still need to make estimated tax payments if I paid any tax last year?
2nd question, If I am not exempt from paying estimated taxes this year, is it OK for me to pay all of this years taxes in the first payment, and not make future payments this year? Would this be more likely to trigger an audit?
Thanks,
Ron
