Taxpayers must pay their taxes “as they go.” For many taxpayers, their income taxes are withheld from their paychecks. For taxpayers that don’t have any withholding, they will need to make estimated tax payments.
Taxpayers must pay their taxes “as they go.” For many taxpayers, their income taxes are withheld from their paychecks. For taxpayers that don’t have any withholding, they will need to make estimated tax payments.
The first half of the year is in the books. It’s time to take a look at your withholding and estimated tax payments. Why is this important? To avoid any potential penalty for underpayment of estimated taxes.