Some taxpayers may need to make estimated tax payments

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IRS Tax Tip 2020-115, September 8, 2020

Some taxpayers earn income not subject to withholding. For small business owners and self-employed people this can mean making quarterly estimated tax payments.

Here are some important things taxpayers should know about estimated tax payments:

Taxpayers who don't pay enough tax throughout the year may have to pay an underpayment penalty.

Taxpayers, who have a job or a pension with federal tax withholding should check their withholding using the Tax Withholding Estimator on IRS.gov. If the estimator suggests a change, the taxpayer can submit a new Form W-4 to their employer. The estimator handles multiple sources of income and multiple jobs provided the taxpayer has a W-2 income or a pension/annuity statement.

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