Q: I have not paid estimated taxes.
I am a freelancer (along with being W2 employed). I know that there are estimated taxes, but I have not paid them. Instead, I have been saving the money in an account, preparing for the end of the year. Are there any potential criminal charges for paying taxes in this manner? Would it be smarter to get online and send in a chunk now or just wait until January 15?
A: Technically not filling an estimated tax return is a crime but I have never seen it prosecuted. There will be penalties/interest. Definitely a good idea to get an estimate of how much you'll owe and send in a check, smd don't forget state taxes.
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