The deadline for the third 2021 estimated tax payment is rolling up on Sept. 15. Changes in the economy brought by COVID-19 include a new crop of self-employed persons, such as gig-economy workers. Like most people with income that isn’t subject to withholding, these workers may need to make estimated tax payments for the first time. Generally, estimated tax payments are required for those who expect to owe a net tax of $1,000 or more on their 2021 federal tax returns. Underpayments or late payments could result in penalties, even if you expect a refund. To calculate payments, use Form 1040-ES (Estimated Tax for individuals). Contact us with questions. Here’s more: http://bit.ly/2Xh7y8Q
