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How do I know if I have to file quarterly individual estimated tax payments?
Q) How do I know if I have to file quarterly individual estimated tax payments?
A) According to the IRS: You must make estimated tax payments for the current tax year if both of the following apply:
- You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and refundable credits.
- You expect your withholding and refundable credits to be less than the smaller of:
- 90% of the tax to be shown on your current year’s tax return, or
- 100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
There are special rules for:
- Farmers and fishermen
- Certain household employers
- Certain higher income taxpayers
Impossible to get any kind of response or contact with a knowledgeable person to respond to any question. Did tRUMP fire everyone who works for the IRS…