PENSACOLAFLTAX.COM
  • Home
  • QuickBooks Accounting
    • Payroll Processing
    • Accounting
    • Bookkeeping
    • QuickBooks Services >
      • QuickBooks Set-up
      • QuickBooks Training
      • QuickBooks Tune-up
      • QuickBooks Hybrid Bookkeeping
    • CFO Services
    • Non-Profit Organizations
    • Security
  • Income Tax Services
    • Virtual Remote Tax Service
    • Business Tax
    • Personal Tax
    • IRS payments and Problem Resolution
  • Blog
  • Contact
  • New Business Formation
  • Q&A
  • Home
  • QuickBooks Accounting
    • Payroll Processing
    • Accounting
    • Bookkeeping
    • QuickBooks Services >
      • QuickBooks Set-up
      • QuickBooks Training
      • QuickBooks Tune-up
      • QuickBooks Hybrid Bookkeeping
    • CFO Services
    • Non-Profit Organizations
    • Security
  • Income Tax Services
    • Virtual Remote Tax Service
    • Business Tax
    • Personal Tax
    • IRS payments and Problem Resolution
  • Blog
  • Contact
  • New Business Formation
  • Q&A
Search by typing & pressing enter

YOUR CART

McVay Business Services - Accounting & Tax Services Pensacola, FL

8/25/2016

Self-Employed? Don’t Forget About the Estimated Tax Deadline

Perhaps you’ve taken the plunge into self-employment and added the luxury of being your own boss and working at your home office in your PJs. Whether you’re working as a contractor or enjoying making money in the fast-growing sharing economy don’t forget you may need to pay estimated taxes and the upcoming 3rd quarter estimated tax deadline is September 15th.
Are you prepared? If not, don’t worry. I have tips to help you. 850-725-5696. www.VirtualBookkeepersUSA.com
Who is Subject to Estimated Taxes?In the United States since we have a “pay as you go” tax system the government expects most of your taxes throughout the year. Employees have a certain amount of taxes automatically withheld from their paychecks.
On the other hand, if you are self-employed as a freelancer, contractor, or home-based entrepreneur you most likely don’t have taxes withheld from your pay throughout the year and are subject to estimated taxes. In general, you are expected to pay estimated taxes if you expect to owe $1,000 or more for your taxes.
When Are Estimated Taxes Due?The good news is the IRS has a schedule to help you figure out when you need to pay.
Here’s the schedule:
  • 1st Quarter (January 1 – March 31): April 15
  • 2nd Quarter (April 1 – May 31): June 15
  • 3rd Quarter (June 1- August 31): September 15
  • 4th Quarter (September 1 – December 31): January 15
If the 15th falls on a weekend or a holiday, then the due date is the next weekday.
How Can I Figure Out My Estimated Taxes?If you use QuickBooks Self-Employed for your business, the program does the math for you and helps you figure out your estimated taxes so you can easily make the estimated tax deadline. At the end of the year, QuickBooks Self-Employed gives you the ability to export your Schedule C information from QuickBooks Self-Employed to TurboTax to make your annual tax filing easier.
When you prepare your taxes at tax-time, TurboTax can also automatically calculate your estimated tax payments and print out payment vouchers for you to send in to the IRS.
How Can I Pay Estimated Tax Payments?Now that you know what you owe, it’s time to get your payment in. Fortunately, there are a few options:
  • You can pay your taxes using the Electronic Federal Tax Payment System (EFTPS), which is the easiest way to pay your estimated taxes. Besides making instant payments, it’s also free.
  • You can mail in your payment. The IRS has specific mailing addresses based on the state where you live. Please be aware that your payments should be postmarked by the due date to avoid penalties.
Tips on Making Your Quarterly Tax Payments Easier
  • Forget filling out hand written forms.  If you use QuickBooks Self-Employed for your business, the program will figure out your estimated taxes for you. TurboTax can also figure out and generate your estimated payment vouchers automatically when you prepare your taxes using TurboTax.
  • Keep a record of all your estimated tax payments.  You will need to enter estimated taxes you paid when you file your taxes.
Thoughts on Your Estimated Taxes
Do you pay quarterly estimated taxes? Do you have any additional tips for those just starting their own businesses? 850-725-5696
    Mike McVay, Tax Accountant Blog
    Certified ​QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL

    Best Price
    ​No Compromise

    Picture

    Author

    Mike McVay, Accountant Experienced IRS Tax Resolution Specialist
    With over 20-years experience working with individuals, families & small business owners. McVay has long term knowledge in taxation to help with their income tax, I.R.S tax issues and businesses management.
    850-725-5696​
    Mike@MikeMcVay.com

    Book An Appointment

    Archives

    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    August 2015
    July 2015
    February 2015
    January 2015
    December 2014
    November 2014

    Categories

    All

 ©2021 this website and all of its sub domains are owned and operated by
​McVay Consulting Services Inc. dba McVay Business Services
All Rights Reserved · Privacy Policy in place.
Pensacola Tax Services,Payroll,Accounting & QuickBooks Services
Mike@MikeMcVay.com
​850-725-5696

5336 N. Blue Angel Parkway
Pensacola, FL 32526

Client Portal Login

Subscribe to our newsletter