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To comply with IRS rules, the contractor might need to make quarterly tax payments on their income. Estimated tax payments are due four times per year on the 15th of the month following each quarter.
Estimated taxes are pay-as-you-go tax payments individuals make throughout the year, typically quarterly, to cover their expected tax liability. The quarterly payment approach can help avoid ...
The IRS recently issued a reminder saying that if you want to avoid a surprise tax bill and possible penalty, Jan. 18, 2022, is the deadline to make your final 2021 quarterly tax payment.
Taxes can be a conundrum for self-employed workers. If you don’t have an employer withholding taxes from your paycheck, you must make estimated payments to the IRS in quarterly installments. The ...
This table lists the tax revenue collected from each state, plus the District of Columbia and the territory of Puerto Rico by the IRS in fiscal year 2020, which ran from October 1, 2019, through September 30, 2020.
So, if you discover you're required to pay quarterly taxes, you must first use Schedule C of Form 1040 to determine how much you owe. However, if your net earnings equate to less than $5,000, you ...