B. White
Senior Member
This is a general question that I'm surprised I don't see an answer to on the IRS or other websites. This is the first year that I have paid estimated tax quarterly. Most income is from working for myself and I estimated income on the high side, since it was the first year and I didn't know what to expect. I will not file the yearly return before the Jan. 15th payment is due, so I will make a payment. My income is less, due to intentionally working billing fewer hours during Thanksgiving and the first part of Dec. (I did a straight estimation with no vacation, holidays, etc.).
Can the final payment be reduced by submitting less than payment on the payment coupon, or does a new estimated tax form need to be completed and filed with it? Everything I find talks about if you can't pay and just pay what you can. I have it put aside to pay, but would prefer .gov not hold excess until April, however I don't want to do anything that would trigger questions and audits. The difference is not big enough to be worth going and paying a CPA. I will probably just pay it, but would like to know the answer if it happens again with a bigger difference. I may end up having to pay somebody to deal with it next year, since I know the income will increase and there may be some additional expenses
Can the final payment be reduced by submitting less than payment on the payment coupon, or does a new estimated tax form need to be completed and filed with it? Everything I find talks about if you can't pay and just pay what you can. I have it put aside to pay, but would prefer .gov not hold excess until April, however I don't want to do anything that would trigger questions and audits. The difference is not big enough to be worth going and paying a CPA. I will probably just pay it, but would like to know the answer if it happens again with a bigger difference. I may end up having to pay somebody to deal with it next year, since I know the income will increase and there may be some additional expenses