A Simplified Guide to Quarterly Estimated Tax Payments for Self-Employed Individuals

💡Quarterly estimated tax payments are made every quarter to the IRS by self-employed individuals or those without withholding tax

📆Quarterly tax payments are due on April 15th, June 15th, September 15th, and January 15th

🧮You can calculate your quarterly tax payments by dividing your tax liability from the previous year by four

💸Payment options include online payment or mail with Form 1040-ES

⚠️Failure to pay quarterly taxes can result in penalties and interest, but there are waivers for certain circumstances

Who is required to pay quarterly estimated tax payments?

—Self-employed individuals, those without withholding tax, and anyone with additional untaxed income should pay quarterly estimated taxes.

When are quarterly tax payments due?

—Quarterly tax payments are due on April 15th, June 15th, September 15th, and January 15th.

How do I calculate my quarterly tax payments?

—You can calculate your quarterly tax payments by dividing your tax liability from the previous year by four.

How can I pay my quarterly tax payments?

—You can pay your quarterly tax payments online at IRS.gov/payment or by mail with Form 1040-ES.

What happens if I don't pay my quarterly tax payments?

—Failure to pay quarterly tax payments can result in penalties and interest, but there are waivers for certain circumstances.

00:00Quarterly estimated tax payments are important for self-employed individuals.

02:43Quarterly tax payments are due on specific dates throughout the year.

03:34Calculating your quarterly tax payments is a straightforward process.

03:52There are multiple options for paying your quarterly tax payments.

04:56Failure to pay quarterly tax payments can lead to penalties and interest.