How Do I Know If I Have to File Quarterly Estimated Tax Payments? 1040ES

How Do I Know If I Have to File Quarterly Estimated Tax Payments? 1040ES
Dr. Friday Tax Tips - One Minute Mo...

 
 
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Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.

Here’s a question: how do I know if I have to file quarterly tax estimated tax payments? Well, they’re called 1040 ES – estimated tax payments. And the answer to that is if you owe more than $500 from the year before. Now, if it’s your first year of self-employment, maybe or had some sort of big event and you had taxes, my suggestion is always 90 days after that starts, you should start paying quarterly taxes, because you don’t want to end up having your tax person, even if it’s a matter that there’s no penalty coming to you and saying, hey, you owe $25,000 that’s not going to make you happy and there’s almost always some sort of penalty they can hit you with. So make sure you understand your taxes.

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