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Next Read: Why You Should Hire a Tax Preparer for Small Business Taxes
If you’re self-employed or a business owner, chances are one of the biggest gripes you have about your job is filing taxes. Since you don’t get them taken out of your paycheck as an employee would, you have to figure out taxes all on your own.
Choosing the right accounting software can help you estimate your taxes, but you’ll still have to go through the process of paying them. Here’s a guide to make filing your quarterly taxes a breeze.
If you’re a freelancer, independent contractor, or single business owner who makes over $1,000 annually, you have to pay your estimated taxes every quarter, in addition to filing your taxes annually.
There are two categories:
You’ll start by figuring out your taxable income, equal to your gross income minus any deductions for which you are eligible. Once you have your taxable income, you can use IRS form 1040-ES for individuals or form 1120-W for corporations to calculate your estimated taxes. This amount will include your income tax, as well as a self-employment tax. Divide your annual tax burden by four to calculate your quarterly taxes.
Quarterly estimated taxes for 2024 are due on April 15, 2024, for the first quarter, June 17, 2024, for the second quarter, September 16, 2024, for the third quarter, and January 15, 2025 for the fourth quarter. If you fail to pay your estimated quarterly taxes by the deadline each quarter, you could face a penalty from the IRS.
Few businesses have consistent income and expense levels from quarter to quarter. You’ll want your quarterly estimated taxes to reflect your business’ finances each quarter. Otherwise, you could end up underpaying or overpaying, both of which can trigger a penalty.
You can do this by anticipating major changes to your income or expenses and saving money for your tax payments accordingly.
You can pay your taxes in any of several ways:
I am a director-level Accounting and Finance Professional with over 20 years of progressive experience in the Entertainment industry. My career has allowed me to lead all accounting actions for large organizations, including month-end close, budget analysis, and internal controls. I am a CPA with a MBA from the University of California, Irvine.
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