Individuals who work for themselves — freelancers, S corporation shareholders, etc. — make income that isn’t subject to income tax withholding from the IRS or the State of Maryland. However, these people still have to pay income taxes on their earnings.
Unfortunately, every year, millions of these individuals find themselves totally unprepared when they receive their tax bill from Uncle Sam, and many of them wind up paying additional penalties and fees as a result.
The best way to avoid these unpleasant surprises: making estimated quarterly tax payments. Read more