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Tax Law (Questions About Taxes)/Quarterly Estimated Tax Payments


I am about to start business as an independent consultant so I will need to pay self-employment taxes.  I read from that, "Estimated tax payments are due by April 15th, June 15th, September 15th, and January 15th."  I expect to start working May 15th or sooner.  It would be my first time with a job or paying taxes.

So for the June 15th due date, for example, within what time-frame would I actually be able to mail in my quarterly estimated tax payment and what time-frame should I consider when calculating the quarterly payments, please?  Thank you.

June 15 is the timeframe...

You project the earnings ytd and send in the tax on or before the 15th

Then in sept, do it again.  And again at jan 15, 2014...  

If income grows (or shrinks) you will naturally annualized income each quarter

Self leveling along the way


You make 100 by June 15.   Send in 40 tax

300 by sept.  is 120 tax less 40 paid.   Send in 80 more

Or only earn 150 by sept.  tax is 60. Send in 60-40=20

Remember.   Tax on net income is due plus self employ FICa and Medicare.   Usually about effective rate of 25% income tax and 10% FICA/Medicare

After your biz expenses

Read irs publication on schedule C (instructions too! And publications on business expenses and self employed
Good luck.

Tax Law (Questions About Taxes)

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


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