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Question

If I had a large increase in my income this year, what do I file to indicate why I haven't paid quarterly taxes.

AI accountant’s answer:

Good question. The IRS may be lenient if it's your first year but it's a gray area. At worst, you'll owe a penalty of about 5% on top of your tax bill. Hope that helps.

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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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