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Being a commercial real estate broker, my wife made substantial earned income last year (2006). However, this year 2007, we don't expect the same amount of income earned as last year. In the past, I have used the previous years tax owed to the IRS to determine our quarterly estimated tax payments (I use Turbo Tax). I believe this is allowable and keeps me safe from penalty. However, I don't see us being able to pay 2007 quarterly payments based on 2006 taxes because 2006 income is unfortunately unlikely to be reproduced in 2007. With a big tax bill going for 2006 income, I am already sweating the additional first quarterly SE payment. My question is how to go about setting up our SE quarterly payments based on 90% of 2007 income when I have no clue what my wife may earn in 2007?

Note: If there is a previous post out there concerning quarterly payments of SE taxes, I would welcome the link.

Brent, who is currently in the undesirable process of searching for receipts for schedule C deductions.
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