What are quarterly tax payments?
An example of an AI chatbot conversation about quarterly tax payments and their importance.
What are quarterly tax payments?
Quarterly tax payments are estimated taxes paid four times a year by self-employed individuals and businesses.
Who needs to make these payments?
Generally, anyone who expects to owe tax of $1,000 or more when filing their return must make quarterly payments.
How do I calculate my quarterly tax payments?
You can estimate your quarterly payments by calculating your expected annual tax liability and dividing it by four.
What happens if I miss a quarterly payment?
If you miss a payment, you may incur penalties and interest on the amount due, so it's best to pay as soon as possible.
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