I did file my return about a week ago. And I am going to, I think, cancel my appointment with the IRS. I realized that I was burning up too much psychic energy about a very small underpayment penalty. So if my waiver request is disapproved, it is really not a big deal.
However, I remain concerned about the Schedule of Estimated Tax Payments for 2025. The amount for each quarter, which is based upon what I paid in 2024, is outrageous. I was extremely fortunate in 2024, but I judge it impossible that I will have a like year in 2025...or anything even close.
Therefore:
When my 2025 income proves to be a much smaller amount, quarter after quarter, I intend to simply ignore the "recommended" estimated 2025 tax payment amount found in my 2024 return....and then pay the correct amount.
Will I still have to pay estimated taxes in 2025? Undoubtedly. But it will be an amount that is grounded in reality....and not some crazy number based on an exceptional 2024.....a year that will not be repeated in 2025.
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