Estimated taxes for 2022: What they are, who needs to pay them, and when they're due

Estimated taxes for 2022: What they are, who needs to pay them, and when they're due

Quick summary:

1. You may be charged a penalty if: You forgot to pay estimated taxes or your payment was for less than 90% of the tax amount owedIn some cases, you overpaidIf you want to delve further into estimated tax penalties and conditions of a waiver, see the instructions in IRS form 2210.

2. Some classes of workers -- particularly those whose income is exceptionally modest, inconsistent or seasonal -- are exempt from having to make quarterly payments to Uncle Sam, however:If your net earnings were $400 or less for the quarter, you don't have to pay estimated taxes -- but you still have to file a tax return even if no taxes are due.

3. When filing your estimated taxes, use the 1040-ES IRS tax form or the 1120-W form if you're filing as a corporation

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