Quarterly taxes

[jswiley]

I will not make $1,000 this quarter (more like $800 if I'm lucky). Do I need to make estimated quarterly tax payments?

[AnthonyC · Accepted solution]

No.  If that is your anticipated level of income for the quarter, then you will not have enough tax liability to warrant making estimated tax payments.  An estimated tax penalty is generally applied when one owes more than $1,000 in federal tax for the year. 

Of course, you can always begin to make the estimated payments during the year if your income level increases.  You can get these vouchers directly from the IRS or make direct payments online.

https://www.irs.gov/pub/irs-pdf/f1040es.pdf  (payment vouchers are on pages 9-11)

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

https://www.irs.gov/payments