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to avoid penalties you must have
1) withholding and timely estimated tax payments => than 90% of 2021 tax
or
2) withholding and timely estimated tax payments => than 110% of 2020 tax
if you meet either of these tests you can pay the balance due for 2021 on or before 4/15/2022 and not incur any penalties.
Thanks Mike!
When you say “timely” estimated tax payments what do you mean?
Can I just pay the difference between 110% of prior year taxes owed and what I’ve withheld this year, at the end of this year and be ok?
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