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Video instructions and help with filling out and completing Form 2220 Quarterly

Instructions and Help about Form 2220 Quarterly

Mark from Fort Lauderdale Florida asked the question do I need to pay quarterly estimated tax payments or can I just wait and pay my taxes by April 15 unfortunately there's no easy yes or no answer to this question mark so stay tuned to learn more about your options obligations and deadlines when it comes to paying your income taxes welcome to this episode of accounting and tax tips smart strategies for small business success with certified public accountant Tina moe did you know that federal income taxes are considered pay-as-you-go taxes the IRS has very distinct guidelines on how much and when to pay your income taxes and it can cost you additional money in penalties and interest if you don't abide by these rules you may be required to pay estimated taxes if you expect to oh more than $1,000 or if your withholdings are going to be either less than 90 percent of your current year tax or a hundred percent of your previous year tax and possibly 110 percent if your income exceeds certain thresholds but like 90 percent of all tax laws written there are exceptions to this rule for instance if you didn't owe any tax in 2023 you would not have had to pay quarterly estimated taxes throughout 2023 and even if you do end up owing taxes for 2023 you're still considered in safe harbor and won't owe any penalties safe harbor simply put means that your 2023 withholdings or quarterly estimated tax payments meet or exceed a minimum amount of tax from your 2023 tax liability and therefore even if you owe a ditional taxes at tax time you won't incur any underpayment penalties the other good news is the IRS is not picky about how they get their income...