Paying Taxes At The End Of The Year

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Most clients respond that it is better to get a tax refund check than to owe taxes at the end of the year. My advice, however, is different. I think that paying taxes at the end of the year can actually be better than receiving a federal tax refund. The reason is that a "refund" by definition is the result of an .This is my first year being self-employed so I am new to all of this. From what I 'm reading it sounds like I 'm going to owe 50 total on taxes now at the end of the year at least. Lets say I made a generic amount like 40k and didn 't pay any taxes on that yet. What kind of penalty am I going to be looking at and .It 's incorrect to think the IRS is OK with an end-of-year payment, he said. If you owe more than $1,000, the IRS wants its owed taxes paid during the year. Any missed quarterly payment will result in penalties and interest..