NEC TAXES

@smbran240 

So just to make sure I have your question correct. Your tax bill was 296 in 2022 tax return? Did you have any other income than your NEC that you had withholding on? Do you expect your 2023 income to be higher?

Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.

The IRS instructions are https://www.irs.gov/pub/irs-pdf/f1040es.pdf.

So if you think that you will owe more money in 2023 if you made more in 2023 than 2022 then you should make estimated payments if you think you will owe more than $1,000 in tax. 

If you can provide more information I can perhaps give you a more detailed response. 

Thanks for joining us today!

Regards,

Janet