Yes, in general penalties around estimated tax underpayment are based on the time elapsed since the point of underpayment, so getting your payment in earlier stops the clock ticking. If you can file and pay your taxes by January 31 you can skip the January 15 payment (I don't think I've ever even received all the necessary forms by January 31).That lines up with what I suspected. Thanks for the responses. I tend backload my withholdings at work, but I messed up this year and won't be able to catch up before the end of the year. I guess based on your responses, I could make an estimated tax payment as soon as possible to reduce my ultimate tax penalty.
Statistics: Posted by shess — Fri Sep 13, 2024 1:26 am — Replies 5 — Views 179