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What taxpayers need to know about making 2021 estimated tax payments

IRS Tax Tip 2021-118, August 12, 2021

Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year.

Taxpayers who earn a paycheck usually have their employer withhold tax from their checks. This helps cover taxes the employee owes. On the other hand, some taxpayers earn income not subject to withholding. For small business owners and self-employed people, that usually means making quarterly estimated tax payments.

Original Article Source Credits: IRS

Article Written By: IRS

Original Article Posted on: August 12, 2021


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