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?
Tax Professional Answers
The rate for underpayment of estimated tax is 5% per month, up to 25%.
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