Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

Please Type Topic Into Search Bar

I work at home and I understand I must pay quarterly estimated taxes. However, my dad's also worked at home his entire career and he opts to pay once a year and pay the fee for skipping quarterly filing. I'm thinking of doing the same thing to save time, but is this okay to do? How much is the fee and what are the rules surrounding this?

Income Tax Compliance Self-Employed
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
William Keats
According to IRS, if the balance due on a return is $1,000 or more, the taxpayer is required to make estimated quarterly tax payments, payable April 15, June 15, September 15, and the following Jan 15.
The rate for underpayment of estimated tax is 5% per month, up to 25%.
Leave a Comment 391 weeks ago

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today