Quarterly Tax Payments

According to the IRS, estimated tax penalties—assessed when taxpayers underpay their taxes—are increasing. The number of people who paid this penalty increased by roughly 40%, from 7.2 million in 2010 to 10 million in 2015. The penalty might cost hundreds of dollars or thousands of dollars. The IRS advises taxpayers to review their taxes routinely to avoid these penalties. Penalties can be avoided by altering the amount withheld from employee's paychecks or the frequency of their anticipated tax payments. People who work in the sharing economy, have many jobs and have recently gone through significant life events, such as a…