Hi idktaxes23,
Thank you for this question.
The Irs expects to see tax payments quarterly for income earned during any quarter. The calculation of whether enough is paid is decided at tax time. Mean while, the IRS expects to see payments each quarter if there has been earnings. The more prudent approach is to pay the estimated taxes timely and based on the very best information available. Most would opt to estimate the yearly amount and divide by 4. The more accurate approach would be to keep a talley of the income received each quarter and pay the tax.
It is possible to have a refund and still be subject to estimated taxes.
Remember the IRS expects taxes on the income as earned in the quarter without reqards to expenses.
Goodluck to you!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
