Quote:
Originally Posted by retiredguy123
If you use TurboTax to prepare your taxes, the software will calculate the 4 quarterly payments you need to make to avoid any underpayment tax penalty for the next year, with the payments due on April 15, June 15, September 15, and January 15. As long as you make those payments on time, it doesn't matter how much your income increases, you will not owe a penalty. I would rather make the estimated tax payments myself than to allow another entity to do it for me. If I make an overpayment, I just apply it to the next year's return. I never get a refund.
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I would be careful with that advice. I am working out a strategy to avoid a penalty next year; my income increased this year and resulted in a penalty.
As dewilson58 points out, rates are low and my penalty is very small. Still, I would like to avoid it for next year.
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Why do people insist on making claims without looking them up first, do they really think no one will check? Proof by emphatic assertion rarely works.
Confirmation bias is real; I can find any number of articles that say so.
Victor, NY - Randallstown, MD - Yakima, WA - Stevensville, MD - Village of Hillsborough
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