Do you have a profitable side hustle? Are you entirely self-employed? Do you send invoices to get paid rather than than get a paycheck with tax deductions taken out? It’s entirely possible you should be paying quarterly estimated taxes then.
Paying quarterly estimated taxes can be annoyingly scary - not only are you like “WHY ARE YOU TAKING MY MONEY, GOVERNMENT?” you are responsible for keeping track of how much you get paid. The government website isn’t super fun. The IRS likes to believe they make it easy, but really they don’t. So today we break down how it works.
Where to Go!
- This not-so-handy form called IRS Form 1040-ES which will help you estimate your marginal tax rate
- You can pay your taxes and automatically on the IRS’s website using “direct pay” or you can set up an account on the Electronic Federal Tax Payment System
Deadlines for Quarterly TaxesFor income received Jan. 1 through March 31, estimated tax is due April 15.For income received April 1 through May 31, estimated tax is due June 15.For income received June 1 through Aug. 31, estimated tax is due Sept. 15.And for income received Sept. 1 through Dec. 31, estimated tax is due Jan. 15.
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