Meet the September 15 deadline to “avoid a tax return surprise.”

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September 15th is fast approaching – and if you don’t have taxes withheld from your income, it’s time to send a payment to the IRS.

While many employers withhold taxes from every paycheck, freelancers, self-employed people, small business owners, investors and others pay taxes themselves through quarterly estimated tax payments.

Typically, you’ll need to make quarterly estimated payments if you expect to owe $1,000 or more annually. Last week, The IRS reminded filers of this that these payments can help “avoid a surprise when filing your taxes.”

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“Estimated tax payments are critical to meeting tax obligations throughout the year, avoiding penalties and staying on top of your finances,” said Sean Lovison, Philadelphia-area certified financial planner at WJL Financial Advisors. He is also a certified public accountant.

It’s important to calculate tax payments accurately, pay on time and consider complying with the “safe harbor” rule to avoid penalties for underpayments, Lovison said.

“Keep records, monitor your tax situation and seek professional advice to ensure a smooth tax experience,” he said.

Meet safe harbor requirements

How to make estimated tax payments Meet the September 15 deadline to “avoid a tax return surprise.”

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