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It’s important pointing that This obligation only applies to those who earn additional income because they work independently or have their own business. Employees typically see federal, state, and payroll taxes withheld directly from their paychecks.
However, as stated in an article by CBSNews, Many Americans Don’t Know They Must File Quarterly Estimated Taxes or payments made to the IRS throughout the year and that, if they do not do so, in their next annual return they will realize that they have a significant debt.
The IRS stated that taxes must be paid as income is earned and that the next The date to make the corresponding payment is this June 17.
This means that regardless of whether you earn money through a check from your employer or through self-employment, You must pay your taxes throughout the year, either by withholding or doing the calculation yourself.
How do you know if you are responsible for paying quarterly taxes to the IRS in the United States?
Penalties for not paying the corresponding quarterly taxes have been increasing, as the IRS charges interest based on the short-term federal rate, that is, 8 percent in 2024, which has caused The average fine for underpayment is US$500 per person.
So that you do not have to pay more, consider that In the following cases, the quarterly estimated tax payments:
- Independent workers.
- People who own small businesses, whether sole proprietorships, partnerships or corporations.
In the previous cases, they must calculate their quarterly taxes if they believe they will have a tax liability of at least US$1,000. If you are not sure whether or not you should do this procedure, you can use the IRS Fidelity online tool to determine your contributions. If applicable, you can make the payment online. Consider that The next dates to submit these statements are September 16 and January 15.
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