Do I need to pay quarterly estimated taxes?
Short answer: If you are self-employed or have income without withholding, usually yes. Payments are due in April, June, September and January.
Estimated payments cover tax on income that has no withholding, such as self-employment, rental, investment or S corp income.
Federal due dates are generally April 15, June 15, September 15 and January 15 of the following year.
You avoid the underpayment penalty if your withholding plus estimates cover at least one of these:
- 90% of this year's tax, or
- 100% of last year's tax (110% if last year's adjusted gross income was over $150,000).
Utah has its own estimate rules. We set your federal and Utah estimates when we file your return and adjust them if income changes during the year.
General information from Davis Schuler & Associates, LLC, not advice for your situation. Tax rules and thresholds change; confirm the current rules before acting.
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