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April 10, 2020
Question

Are Paying Quarterly Estimates Really That Simple?

  • April 10, 2020
  • 2 replies
  • 0 views

So, I just started freelancing. I know I have to make quarterly estimates for both federal and state income. However, I looked at the process and... is it really that simple? Just go online, calculate what I owe, and pay?

 

I ask because I looked at the paper options for paying quarterly estimates for both federal and state. In both cases, there's like nothing there but instructions, a worksheet which we are told NOT to send in, and payment vouchers. Would a person paying quarterly estimates via snail mail really just send in those tiny vouchers and a check or money order? They wouldn't even have to send in a worksheet? I feel like it's more complicated than that. Taxes are always more complicated than first meets the eye. I just wanted to make sure I'm not missing anything before I start paying quarterly estimates. Thank you!

2 replies

fanfare
Employee
April 10, 2020

You make the estimates and the voucher is just to ensure correct credit to your account.

The easiest way is to sign up with EFTPS.gov, where you can schedule in advance, optionally.

or use online payments at www.irs.gov/payments

Select "ESTIMATED TAX"

 

US Mail also works.

April 10, 2020

another option is IRS Direct Pay.  i posted a link where there's a discussion about the pros and cons of each

https://www.bogleheads.org/forum/viewtopic.php?t=174573