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Can I get advice on filing Estimated Taxes late in the year? (Starting with #3)

I have ALWAYS received a refund when filing taxes. For 2024, I owe about $10k due to my self-employed handyman business doing better. I just discovered this while working on 2024 filing during my extension period. I believe I am forgiven penalties, interest and late fees because I have never owed money in the past. But it makes me think to 2025 taxes that I probably should be paying estimated payments. What is the best way to start paying estimated payments for 2025 now that we are almost 8 months done in the year? I see coupons #3 and #4 dates have not passed yet.
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1 Reply
robtm
Level 10

Can I get advice on filing Estimated Taxes late in the year? (Starting with #3)

Since you don't have taxes withheld during the year the best way to handle your 2025 taxes for the remainder of the year  would be to pay 110%  of the amount of your 2024 taxes,1/2 in each of the 2 remaining instalments. 

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