Our experts review your unique situation and recommend proven tax strategies to lower your tax bill. By selecting Learn More, If you’ve taken the plunge into self-employment, congrats on being your own boss! Whether you’re
working as a contractor or making money in the fast-growing sharing economy, don’t forget you may need to pay quarterly estimated taxes. The next quarterly estimated tax payment deadline is coming up on September 15, 2022! Are you prepared? If not, don’t worry – we’ve got the info you need to know! In the United States, we have a “pay as you go” tax system. That means that the government expects to receive most of your taxes
throughout the year. Because of this, 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 instead subject to quarterly estimated taxes. In general, you are expected to pay estimated taxes if you expect to owe $1,000 or more annually for your taxes. For your 2022 taxes,
the next quarterly estimated tax deadline is coming up on September 15, 2022! However, if you skip making a quarterly payment or pay late, you may be subject to a penalty. If you earn your self-employment income unevenly during the year, you may be able to use
an annualized installment method at tax time and avoid a tax penalty for not paying estimated taxes every quarter due to fluctuating income. The 2022 quarterly estimated tax deadlines are: If the 15th falls on a weekend or a holiday, then the due date is the next weekday. Don’t forget that the final fourth quarter payment deadline for your 2022 taxes is January 17, 2023. *Note that if you are a victim of a recent federally declared disaster, there may be IRS tax filing and payment deadline extensions available to you. You can check for additional relief information on the IRS disaster relief page. How Can I Figure Out My Estimated Taxes?You can use QuickBooks Self-Employed to track your income, expenses, mileage and figure out your estimated taxes year-round. 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 Self-Employed to make your annual tax filing easier. When you prepare your taxes, TurboTax can also automatically calculate your estimated tax payments and print out payment vouchers for you to send into the IRS. You can also use TurboTax TaxCaster to get an estimate of your overall tax picture and if you should make an estimated tax payment. How Can I Pay Estimated Tax?Now that you know what you owe, it’s time to get your payment in. Fortunately, you have several options:
Tips on Making Your Quarterly Tax Payments Easier
TurboTax Has You CoveredDon’t worry about knowing these tax rules. TurboTax will ask you simple questions about you and give you the tax deductions and credits you are eligible for based on your entries. If you are Self Employed, you can use QuickBooks Self-Employed to easily track your income, expenses, mileage, capture your receipts and estimate your quarterly taxes year-round. Your information can then be easily exported to TurboTax Self-Employed at tax-timeYou can also fully hand your taxes over to a TurboTax Live Self-Employed tax expert who can do your taxes from start to finish. Reduce your taxes with a personalized tax planOur experts review your unique situation and recommend proven tax strategies to lower your tax bill. By selecting Learn More,  Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. Browse Related ArticlesDoes Tutoring Make Me Self-Employed?How Do I Amend My Previous Quarterly Estimated Tax Paym…Social Media Influencers: A Guide to Your Tax Return (a…Estimated Tax Penalty Explained (How to Avoid Penalty)Save the (Tax) Dates!Moving from Employee to Self-Employed? Here’s What it…2022-03-23TurboTax and Create & Cultivate Share #SolopreneurT…Self-Employed Tax Deductions Calculator 2021-2022TurboTax and Create & Cultivate Bring You #Solopren…Can I use TurboTax to estimate taxes?You need to come up with a good estimate of the income and deductions you will report on your federal tax return. You can use TurboTax tax preparation software to do the calculations for you, or get a copy of the worksheet accompanying Form 1040-ES and work your way through it.
How do I enter estimated tax payments in TurboTax?Open or continue your return.. Go to the Federal section, then Deductions & Credits. ... . Select Estimates and Other Taxes Paid.. Select Start or Revisit next to Estimated Tax Payments.. Choose Start next to the type of estimated tax payment you'd like to enter.. Where do I enter estimated tax payments?Answer: Report all your estimated tax payments on Form 1040, line 26. Also include any overpayment that you elected to credit from your prior year tax return.
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How to file estimated taxes with turbotax
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