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Question

Do I need to pay estimated quarterly taxes in 2021 if I payed ZERO dollars in taxes for 2020. But expect to owe more than $1000 in 2021.

AI accountant’s answer:

If you had no income taxes in 2020, then you will not receive a penalty for failing to pay estimated taxes in 2021. Many taxpayers still prefer to pay the estimated quarterly taxes so that they do not owe the entire amount the following year.

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Melissa Pedigo, CPA

Melissa Pedigo has been a CPA for over 20 years and she is one of the only CPA copywriters in the world. With a vast knowledge of U.S. tax and accounting, she’s able to write about tax and finance topics from a unique perspective...as an industry expert. When she’s not writing or being an accounting nerd, you’ll find her watching and playing tennis, reading, tending to her half-grown garden, and studying foreign languages

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