Let’s talk about something that sounds boring but is actually kind of important:
IRS quarterly tax payments.
If you are self-employed, run a business, or have income that does not have taxes automatically withheld (looking at you, side hustlers and freelancers), then yes… you are supposed to pay the IRS every quarter.
Why? Because the IRS wants its money early and often. Miss a payment or pay too little? They hit you with penalties. It is basically their way of saying, “We noticed you forgot about us. That’ll be $132.75.”
So, when are these payments due?
Easy. Just remember this:
- April 15
- June 15
- September 15
- January 15 (yes, this one is next year’s payment)
If the date falls on a weekend or holiday, it shifts to the next business day. But do not count on that saving you… it rarely does.
How do I know what to pay?
Great question. I usually look at last year’s tax bill, divide by four, and start there. But honestly, there is a better way. We calculate estimated payments for our clients all the time. It is part of keeping you on the IRS’s good side.
If your income changes a lot during the year (maybe you are killing it in Q3 but Q1 was slow), we can adjust your payments to match. That way, you are not overpaying or underpaying like a rookie.
What if I forget?
If you forget once, do not freak out. Just get back on track ASAP. But do not make a habit of it, or the IRS will start sending you those lovely “Hey, you owe us” letters. You know, the ones that make your heart drop into your shoes.
The bottom line:
Quarterly tax payments are not fun, but they are the price of freedom. Freedom from a boss. Freedom from a 9-to-5. Freedom from W-2s. So if you like doing your own thing, it is part of the deal.
And if the math is confusing or you would rather poke your eye with a rusty spoon than deal with tax deadlines, we get it. That is why we are here.
Want help figuring out your quarterly tax payments? Get in touch and we will make it painless. Maybe even fun.
