avoiding tax trouble

[Rukh O'Rorke]

So - 2020 will be my highest earning year, with about 25k from Rukh, Inc. Clients just send me checks, nothing has been taken out and I didn't send anything in.

What is the rule on not being in trouble tax wise? If you pay 100% - or 90% of the previous years' total tax bill? I'm worried I may not make that mark.

My 2019 income tax was 17,500 - this year I will end with paying in less than 15k total fed taxes on my day job. That is a bit more than 2500 less paid in fed taxes, but I made more money. Maybe around 20-30k more income.

I did max out my tax advantaged funds this year - 7600 to HSA, 26000 to 401k. I think my totals last year was only about 10-15k to 401k. So - it might actually turn out to be the same amount of taxable income? ish? I suppose it could be less even!


Last year 20% of RI income was a qualified business deduction (only about 6k total RI income last year) so if 20% of the 25k is treated the same - plus my increased tax deferred....I may be ok.

But - will I still be in trouble if my tax is the same (17500) and I only had 15000 taken out of my pay?

Thoughts? Any other tax things I could do now to lower fed tax owed?