Re: This should end all of the false claims about paying US taxes on p
Estimated taxes are, in general, based on the lesser of 90% of the current year's taxes or 100%/110% of the prior year's taxes. If you had no tax last year (note: this isn't whether you got a refund or not, it's your total taxes), you don't have to make estimated payments. There's also a safe harbor rule (if your taxes total less than $1000, you don't have to make estimated payments). Most, but not all, states follow the federal rules for estimated taxes.
Russ Fox
co-author, "Why You Lose at Poker"
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