Quote:
Originally Posted by CANDC
@ divine1966 as I understand the US tax code on the Federal if you will owe $1000 or more then you need to do quarterly payments unless other exceptions.
States have requirements that differ. |
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CANDC
Well yes It’s recommended to pay extra tax quarterly or you might have to pay a fee at the end of the year if you owe a lot (fee is very minimal so one might choose to do that).
Other option to avoid owing at the end of the year is figuring it out with your work place. Do a different tax form at work with different withdrawals (ask one’s accountant or employer what’s the best withdrawal route) .
The best way is to talk to one’s tax accountant or tax attorney or whoever you do your taxes with and discuss best ways to avoid owing taxes.
But feds don’t really “make you” do it quarterly (if you aren’t self employed or business owner) . It’s recommended as one of the methods to avoid fees and high taxes at the end