Quarterly Taxes

Forum|Forum|1 year ago
August 28, 2024
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Are all self-employed contractors required to file a quarterly tax return--or can they just file at the end of the year?

evelynm

Hello - Self employed independent contractors typically do not have tax deducted from their pay. If you have a tax liability the IRS requires you file quarterly estimated tax payments on Form 1040ES. The estimated tax payments are based on an estimation of your income for the current year.

Estimated tax payments IRS 1040ES tips

Estimated tax payments are due four times in a tax year. For calendar year taxpayers (which is most individuals), the due dates are April 15, June 15, September 15 of the current year and January 15 of the following year or the next business day if the due date falls on a weekend or holiday.

Here is a link to tax caster to assist in calculating your Federal Tax: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Remitting quarterly is important to avoid penalties. IRS tax penalties - how to avoid them

Have an amazing day. Evelyn M (CPA 20+ years)I would love a thumbs up :) + Mark the post that answers your question by clicking on "Mark as Best Answer"