Today is the last day for many freelancers and small businesses to avoid a tax penalty

Today is the last day for many freelancers and small businesses to avoid a tax penalty

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According to the IRS, you must pay estimated taxes if you expect to earn at least $1,000 in 2021 and your employment type falls into one of these categories: Independent contractor or freelancerSole proprietorPartnerS corporation shareholderThere are other sources of income that fall under the estimated tax umbrella, including:Dividends and interest earned from investment salesRoyalties for past workLandlord rental incomeAlimonyUnemployment benefitsRetirement benefitsSocial Security benefits, if you have other sources of income Prizes and awardsYou may also need to pay estimated tax as a full-time employee if your employer isn't withholding enough from your salary

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