Do I have to do report quarterly as a small business owner? In my previous clery job I had to.
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Hi @markalan
It depends. The general rule is that you must pay as you go. Meaning that when you file your tax return, if you haven't paid enough taxes through withholdings or estimated tax payments then you might owe an underpayment penalty.
To determine whether you need to make quarterly estimates, answer these questions:
If you answered "no" to all of these questions, you must make estimated tax payments using Form 1040-ES. To avoid a penalty, your total tax payments (estimated taxes plus withholding) during the year must satisfy one of the requirements above.
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