10/03/2026
๐จ๐ Taxpayer Tip: Taxpayers who receive income that is not subject to withholding may need to make estimated tax payments throughout the year.
This applies not only to self-employed individuals but also to taxpayers who receive income from sources such as royalties, prizes, and awards. Generally, individuals who expect to owe $1,000 or more when they file their tax return may need to make estimated tax payments.
Paying enough throughout the year and meeting payment deadlines can help taxpayers avoid potential penalties. When unsure, consult a professional to avoid penalties as well.