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Question
Can I simply divide my total tax liability for 2022 by 4 and estimate quarterly payments for 2023 if there are few or no changes.
AI accountant’s answer:
Absolutely, you can! If you expect your 2023 income and deductions to be very similar to 2022, dividing your total 2022 tax liability by four to estimate your quarterly payments for 2023 is a straightforward and commonly used method. Just remember, this is an estimate. If your income changes significantly during the year, you may need to adjust your quarterly payments to avoid underpayment penalties.
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