Estimated Taxes are important if you are self employed or an independent contractor. They need to be filed once a quarter in order to avoid underpayment penalties. You must pay in the lessor of 90% of current years tax liability or 100% of prior years tax liability. If you made over 150k in prior year you must pay estimated tax payments each quarter based on 110% of prior years m tax liability. The dates estimated payments are due are April 15, June 15, September 15 and January 15.
