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 PDF Publication 5354 Rev 9 Internal Revenue Service 2021

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do you owe estimated tax payments to the IRS let's break this down and find out these are prepayments that you make to the IRS every quarter to cover your expected tax bill at the end of the year now there's two criteria for this the first one is if you have income whose taxes aren't automatically withheld and the second criteria is if you estimate that you owe over $1,000 in taxes use the form $140 es linked below to help with this once you calculate your total estimated taxes for the year divided into four quarterly payments they are due in April June September and January now you need to know that the IRS will charge penalties for late or inadequate payments that's why it's important to keep track of your income and consult with the tax professional if you need help

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