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Estimated taxes - Internal Revenue Service Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller
Estimated Taxes, Due Dates and Safe Harbor Tax Rules (2025) Our tax code states that you need to make tax payments as you earn your income throughout the year With a regular job, they’re automatically taken out by your employer If you earn income on the side, you are responsible for making estimated tax payments throughout the year to avoid a tax penalty Here’s how they work:
What is the IRS safe harbor rule for estimated taxes? The IRS safe harbor for estimated taxes lets taxpayers avoid underpayment penalties if they pay either (a) at least 90% of the current year’s tax or (b) 100% of last year’s tax — or 110% of last year’s tax if prior-year AGI exceeded $150,000 — and you owe more than certain minimal amounts (IRS notes the threshold: generally you owe
How to Pay Estimated Taxes in 2025: New Electronic Rules As we navigate through 2025, understanding federal estimated tax payments has become more crucial than ever, especially with the IRS’s transition to mandatory electronic payments by September 30, 2025 This comprehensive guide explores who needs to make estimated tax payments, when they’re due, and how to comply with the latest requirements
What is the Safe Harbor Tax Rule? - Mills Wealth Advisors Luckily, the IRS provides “safe harbor” provisions that offer you protection against underpayment penalties, if the provision rules are followed This means that you could avoid the underpayment penalty, even if you end up owing additional taxes, if you meet the safe harbor criteria
safe harbor - ttlc. intuit. com Application to Your Situation: Since your 2025 income is higher than 2024, paying 110% of your 2024 taxes should satisfy the Safe Harbor rule, even if it doesn't cover 90% of your 2025 tax liability This ensures you won't face penalties for underpayment, as long as the payments are made on time
How to avoid tax penalties with increased income - Safe harbor rule for . . . Yes, if you're on track to withhold $148,557 through regular paycheck withholdings, you'll definitely meet the 110% safe harbor threshold of $120,460 You'll be well protected from any underpayment penalties, even though you'll still have a tax bill to pay when you file
Avoid IRS Underpayment Penalties with Safe Harbor Rules Start with Safe Harbor – Set Q1 and Q2 estimated tax payments using last year’s tax as the baseline Review in the Fall – Update estimates based on current-year income, deductions, and potential tax planning opportunities Plan for April – Decide if you want to smooth out Q3 Q4 payments or keep them low and pay any extra with your April filing
Avoid IRS Penalties: Understand the Safe Harbor Rule There are two main ways to qualify: Either option gets you into the “safe zone ” IRS penalties for underpayment are getting costlier If you miss your quarterly estimated tax payments, even unintentionally, you could be hit with: