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Self employed
If you feel that your last quartly payments will be too much, yes you can adjust the amount up or down to meet your projected liability. The IRS has a tool that will help you estimate the approximate total amount of tax for the tax year.
https://www.irs.gov/newsroom/this-irs-online-tool-simplifies-estimating-2023-tax-withholding
https://apps.irs.gov/app/tax-withholding-estimator
The reason for estimated taxes is to avoid penalties from underpayment of taxes when you file your tax return.
Some states also have a similar tool on their State Taxation and Revenue website.
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‎August 30, 2023
9:45 AM
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