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Trump says he 'prepaid' his taxes. So do millions of other Americans. Here's what that may mean

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During the final debate on Thursday, President Donald Trump said that he prepaid millions of dollars in taxes. Experts think he meant quarterly estimated payments. Here’s what you should know about them.
President Donald Trump isn’t the only one who’s “prepaid” his taxes. Millions of other Americans have, as well. At least that’s the case if he meant paying quarterly estimated taxes, according tax experts. Talk of the president’s income tax returns — and the $750 he reportedly paid in 2016 and 2017, per The New York Times — made its way onto the stage Thursday night during his final debate against Democratic candidate Joe Biden. “I asked them a week ago,” Trump said, referring to his accountants. “I said, ‘What did I pay?’ They said, ‘Sir, you prepaid tens of millions of dollars.’ I prepaid my tax.” “Tens of millions of dollars I prepaid because at some point they think it’s an estimate,” he said. “They think I may have to pay tax.” Without a copy of Trump’s tax returns, it’s hard to say definitively what he’s referring to, tax experts said. However, tax professionals say the president may mean making quarterly estimated tax payments — which would put him among millions of other taxpayers, including independent contractors, small businesses and gig workers earning side income.

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