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Self Employed, but not required to pay estimated taxes?
The annualized method allows you to take a look at each quarter independently and pay the tax in the quarter that you earned it. -- According to Linda Durand, a certified public accountant with Drolet & Associates PLLC in Washington, D.C., from the Bankrate article "Paying quarterly estimated taxes"  And after paying annualized quarterly estimates, you can still owe up to $1000 at tax time without penalty.