Taxes must be paid as you earn or receive income during the year, either through withholding (Form W-2) or by paying Estimated Taxes (Income as a Business Owner and/or Self-Employed). If you owe or paid taxes for the 2024 tax year, the IRS will likely require you to pay Estimated Taxes for this quarter!
Who Must Pay Estimated Taxes?
Sole proprietor taxpayers, partners, and S corporation shareholders generally must make estimated tax payments if they expect to have a tax liability of $1,000 or greater when they file their return next year.
If you would like to learn more about Estimated Tax Payments, click here.