How should you pay taxes for remainder of the year to make up for lack of paying federal taxes thus far?

If you are an employee, you can complete the form W4 and hand it over to your payroll department. Your employer will withhold taxes for you.

If you are self-employed or as a 1099 contractor, then you need to calculate your estimated taxes 1040-ES is the form.

We highly recommend contacting a CPA or tax professional so they can help you with the estimation. This will help you avoid paying unnecessary penalties and interest.

Posted In: Tax

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