How to Avoid the Estimated Tax Penalty in 2022

Learn how to avoid the estimated tax penalty in 2022. If you didn’t pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax.

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Hey, I’m Sean with LYFE Accounting. The accounting firm that saves people from high taxes and poor profits.

And one of the ways we help is by making sure people avoid the estimated tax penalty/

Now some people see this every year on their tax returns and think it's just another required payment to the IRS.

But an estimated tax penalty is something that you DO NOT have to pay and can be completely avoided.

So right now, we’re going to explain what you need to know about the estimated tax penalty so you can start saving more on your annual tax returns.

That's why in this new video, I'm going to show you how to calculate and pay your federal estimated taxes, step-by-step.

Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.

And if you find any value, please hit that thumbs up button and become a subscriber for more!

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Видео How to Avoid the Estimated Tax Penalty in 2022 канала LYFE Accounting