Yes. The reason you want to make the estimated payments for your self-employment taxes is to avoid the underpayment penalty that the IRS charges.
Per the IRS:
You may avoid the Underpayment of Estimated Tax by Individuals Penalty if:
- Your filed tax return shows you owe less than $1,000 or
- You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less.
@KayLi1
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