Forgetting to pay your quarterly taxes can lead to penalties from the IRS, even if you're due a refund when you file your tax return. However, there are some situations where the IRS might waive penalties, such as if you were a victim of a disaster or if you're over 62, retired, or disabled.
To make paying quarterly taxes easier, consider these tips:
Leverage your spouse's withholdings: If your spouse has taxes automatically withheld from their paycheck, they may be able to adjust their withholding to cover both of your tax liabilities.
Review your spouse's Form W-4: This form tells employers how much tax to withhold from each paycheck. You can make changes to it at any time to ensure enough taxes are withheld.
Use Form W-4P if you have a pension or annuity: If you're receiving income from a pension or annuity, use Form W-4P to adjust your tax withholding accordingly.
If part of your income is paid with a paycheck that withholds taxes. You may want to adjust your withholdings and or ask your employer to deduct an additional amount per pay period.
By taking these steps, you can make the process of paying quarterly taxes more manageable and reduce the risk of penalties from the IRS.
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