“Difficult to do when your self employed”. Not so. You are in control of how much tax you pay to the Federal Government throughout the year. You can pay just enough to break even. You can pay just enough, so that you have to pay them at the end of the year or you can pay “overpay” them so that you get a refund. What I am telling you is that don’t “Overpay” them and unless you have a refund coming, the law has no mechanism to collect the fine/tax.
>>> You are in control of how much tax you pay ... the law has no mechanism to collect the fine/tax.
Oh yeah... quarterly payments... I was talking about the W4... but yes you do get fined if you should pay quarterly and you don’t. I also heard/read that a form is coming with tax season next year which asks you to verify insurance coverage, and is the trigger for the $95.00 fine if you check “no”.