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Income drop and safe harbor
I'm self-employed and will see a big drop in my 2025 income from last year (which was W2 income with automatic withholding). I just realized that my estimated quarterly payments are way under the 110% safe harbor and I'll see an underpayment penalty at filing. I read about the Annualized Income Installment Method, but am unsure how to go about it starting now in Q3. What should I be doing at this point to mitigate any issues come filing time next year?
3 weeks ago