Question: How do I know if I have to file quarterly individual estimated tax payments?

Answer: You must make estimated tax payments for the current tax year if both of the following apply:

• You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
• You expect your withholding and credits to be less than the smaller of:
  • 90% of the tax to be shown on your current year’s tax return, or
  • 100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

There are special rules for:

• Certain small business taxpayers for periods beginning 2009
• Certain taxpayers with higher adjusted gross income
• Farmers and commercial fishermen
• Aliens
• Estates and Trusts

This is a question some of our clients ask regularly. For more information, visit www.irs.gov.

You can free find tax forms, use online submittals instead of going in person, and find valuable information that would normally require waiting on the phone for hours.

You can check out our free downloadable forms on our Website. Also, make use of the following links below:

• IRS Forms
• CA Franchise Tax Board Forms