In less than one month another quarter is about to end once again!



If you're self-employed, see a lot of revenue from your beat store, mixing services, or do a lot of work-for-hire gigs, don't forget to file your quarterly taxes.



The fees are outrageous if you don't file your estimated taxes each quarter.



We have some guides on our page to help lower your estimated taxes but in essence, you will subtract your write-offs from what you made & you will owe a percentage of the remaining number. The percentage you owe varies based on your tax bracket & the state you live in, but for most people, it's around 15.3% of your remaining income.



For example:

If you made $10,000 & you had $4,000 of write-offs, you will owe 15.3% on the remaining $6,000 for a total of $918.

So $918 is what you will owe the government for that quarter.



Its best practice to pay quarterly instead of yearly. For one, the IRS charges you extra if you don't file quarterly & secondly, it will be much easier on your life if you pay in smaller increments throughout the year rather than one large fee at the end of the year.



The dates to remember are:

April 15th - 1st quarter estimated taxes

June 15th - 2nd quarter estimated taxes

September 15th - 3rd quarter estimated taxes

January 15th - 4th quarter estimated taxes



The two places online that most people go to file & pay are Pay1040.com or EFTPS.gov



The first one will charge you a processing fee, but it's quick to do. The second site won't charge a fee, so if you file a lot, setting up an account with EFTPS.gov might be worth the time. That site gives you extra features too!

