Hello Lisa
Here are some questions to answer to guide you as to whether or not to make quarterly tax payments
- Will you owe less than $1,000 in taxes for the tax year after subtracting your federal income tax withholding from the total amount of tax you expect to owe this current year?
- Do you expect your federal income tax withholding to amount to at least 90 percent of the total tax that you will owe for this current tax year?
- Do you expect that your income tax withholding will be at least 100 percent of the total tax on your previous year's return?
If the answer is no to all these questions, then you have to make estimated tax payments
Determining how much to make in estimated tax payments is going to vary from taxpayer to taxpayer, depending on a variety of factors (profitability of business or side-hustle, how much you can afford to set aside for estimated tax payments, prior year tax liability, if any, etc.).
