If you haven’t already sent in your estimated payments you have until next week to get them submitted. Estimated taxes are due on an almost quarterly basis. This is because our tax system is pay as you go – when you work as an employee your taxes are deducted from your paycheck each time. Those self-employed have to take care of this themselves.
It’s really hard once you done it a couple of times. You just need to stay on top of your business and keep solid records.
In general the schedule for tax payments are:
- January 15th
- April 15th
- June 15th
- September 15th
Payment Methods for Estimated Taxes
There are several ways to take care of your estimated taxes for your 1040.
- Mail- Check the IRS to see which location is correct one for you.
- Phone – Electronic Federal Tax Payment System has phone lines to take your payments
- 1-800-555-4477 (businesses)
- Online –Electronic Federal Tax Payment System
I personally prefer to pay online as it’s quick, free, and easy.
Thoughts on Quarterly Taxes
How many of you have already taken care of your estimated taxes for the first quarter? How’s business going this year?