Demystifying Finance: What Are Estimated Taxes?
Although it may not seem like it, the United States tax system is a “pay as you go” system. That means you need to make estimated tax payments to the IRS throughout the year or else owe an additional penalty on top of what you already owe in tax burden. Many employers withhold taxes from their employees’ paychecks throughout the year but if you are an independent contractor, self-employed, or otherwise responsible for making your own estimated tax payments, this video lays out the basics of estimated taxes: how much to pay and when.
IRS Estimated Tax Overview Page: https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
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David R. Peters is a Certified Public Accountant (CPA) and Certified Financial Planner (CFP), with over fifteen years of experience in financial services. He was formerly the Chief Financial Officer of Compare.com and has been a financial advisor since 2015. He holds master’s degrees in accounting, business administration, and financial services and is pursuing a Ph.D. in Financial Planning & Retirement Income at The American College. He is currently a continuing education instructor for the American Institute of Certified Public Accountants, Surgent, and Kaplan Professional, and the President and owner of David Peters Financial Group Inc, Peters Tax Preparation & Consulting PC, and Peters Financial LLC.
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