I’m a first-timer with quarterly tax filing and I don’t have an accountant. Can you file taxes on your own, or is having an accountant really the only way to go?
It’s very easy. I’m not an accountant or lawyer, but just follow this paragraph from Kiplinger, and make sure you pay 25% of the numbers implied each quarter using the very simple estimated tax vouchers for federal and state taxes each quarter.
“Whether you make estimated tax payments or rely on withholding, you could be hit with a penalty if you don’t pay enough tax throughout the year. The penalty doesn’t apply if you owe less than $1,000 in tax. You can also avoid the penalty if your 2021 withholding or estimated tax payments equal at least 90% of your 2021 tax liability, or 100% of the tax shown on your 2020 return (110% if your 2020 adjusted gross income was more than $150,000).”
