Timeline for Freelancers in the US: pay estimated quarterly taxes or pay when you file?
Current License: CC BY-SA 2.5
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| Aug 5, 2010 at 20:35 | comment | added | Korneel Bouman | Hmm, the IRS says: "Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller." That would mean that if I make sure to have withheld at least 100% of my 2009 taxes, we'll be in the clear in terms of having to pay a penalty. I'm going to call my accountant... And probably up my withholdings... | |
| Aug 5, 2010 at 17:06 | history | answered | Michael Pryor | CC BY-SA 2.5 |