Will making quarterly estimated tax payments put me at risk of being flagged by the IRS
No, making quarterly estimated tax payments will not put you at risk of being flagged by the IRS. In fact, it's quite the opposite. The IRS requires certain taxpayers to make quarterly estimated tax payments throughout the year if they expect to owe tax of $1,000 or more when their return is filed. This typically applies to individuals who do not have sufficient taxes withheld from their wages or who have income that is not subject to withholding, such as self-employed individuals, investors, and retirees. Failing to make estimated tax payments when required can result in underpayment penalties. By making these payments on time, you demonstrate compliance with tax laws and reduce the likelihood of penalties and interest for underpayment. The IRS provides Form 1040-ES, "Estimated Tax for Individuals," to help you calculate and pay your estimated taxes. It's important to estimate your income as accurately as possible and to make the payments by the IRS deadlines, which are typically April 15, June 15, September 15 of the current tax year, and January 15 of the following year. If your income is irregular throughout the year, you may use the annualized income installment method to calculate your estimated tax payments to avoid or lower penalties for underpayment. This method allows you to make payments based on your income and deductions during each period. Always keep records of your estimated tax payments, as you will need to report the total amount paid on your tax return. If you have any concerns or need assistance with estimated
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