Tax Law (Questions About Taxes)/Taxes


Thank you for taking my question. I have done some freelance work this year and will make about $15,000 gross profit and after counting credits, self-employment tax, etc., my tax bill should be approximately $1400. This is my only job (I earned only about $600 last year, since I just started doing this freelance work) and I will file as a single individual.

I recently found out I was supposed to be making quarterly estimated tax payments this year. Obviously, I have missed several of these quarterly payments; my question is, assuming I did not make any quarterly payments (although I do plan to make one this Sept, but assume none for now) what kind of penalty am I looking at come tax time?


Thanks for your question.

Probably no penalty. There are three safe harbors to avoid a penalty for underpayment. You may qualify on the third one. Making a payment now would help.

1. You owe less than $1,000.
2. You paid in an amount equal to 80 percent of your current year liability.
3. You paid in an amount equal to 100 percent of your prior year liability.

Hope this helps.

John Stancil, CPA  

Tax Law (Questions About Taxes)

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John Stancil, CPA


I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at I also offer seminars and consultations to churches and clergy on their tax issues at Also visit my blog, I am listed on Tax Connections at Prepare and file your own taxes at


I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

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The CPA Journal, Florida CPA Today, Green Consumer, Green Business, Global Sustainability as a Business Imperative, Palmetto Review, NATP TaxPro Quarterly, Mustang Journal of Finance and Accounting.

DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill University

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