Here’s a common scenario playing out with taxpayers all over the country: given the economy, a lot of taxpayers accustomed to making quarterly estimated tax payments find themselves making a lot less money this year. If that’s the case, is an estimated tax payment still necessary?
The short answer: if you estimate your total tax bill for 2009 is going to be less than $1,000, then a quarterly tax payment isn’t necessary.
Remember, if you owe the IRS (even if it’s less than $1,000), you will have to pay eventually. If you don’t pay at the next quarterly deadline, you will have to pay next April 15.
