Do you earn income that isn’t subject to tax withholding? Small business owners, self-employed people, taxpayers who are part of the gig economy and certain others may be required to make quarterly estimated tax payments if they will owe at least $1,000 on their 2020 tax returns. The IRS provides a withholding tool you can use to determine whether you need to make estimated payments and if so, calculate the right amount. For 2020, the third estimated payment deadline is Tuesday, Sept. 15, 2020. To use the tool, you’ll need information for the sources of income you may have and have your 2019 tax return handy. Here’s the tool plus more information. For more information, reach out to Cg Tax, Audit & Advisory. © 2020
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