Taxpayers who fail to make a fourth-quarter estimated tax payment by Jan. 17 could be hit with a 'surprise' financial penalty, according to the IRS.
reminded taxpayers on Thursday to avoid a "surprise" penalty by making a fourth-quarter estimated tax payment by mid-January. in 2022 should make a fourth-quarter payment on or before Jan. 17, the IRS said in a news release, or risk an "unexpected potential tax bill" when they file in 2023.
"Either payment method — withholding or estimated tax payments — or a combination of the two, can help avoid a surprise tax bill at tax time and the accompanying penalty that often applies," the IRS said. Americans may choose to withhold taxes from their income, or they can make estimated payments to the IRS four times each year. Taxpayers can also choose a combination of both. If you do not make the payments, you may owe interest and a penalty of 0.
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