Episode 10: Making Taxes Less Stressful
Quarterly taxes aren't due on a neat 3-month rotation- payments are actually due April 15th, June 15th, September 15th, then January 15th of the following year (state dates may differ). Paying quarterly estimated taxes is just another way to pay your tax bill; it means you avoid a massive tax bill in April that might end up on a credit card or payment plan. Quarterly estimated taxes are just an estimate - you won't know your total taxes owed until your taxes are filed, so if profit differed from the prior year, the estimate won't necessarily match. Paying the estimate helps you avoid underpayment penalties from the IRS; you may still owe at year-end if the business grew, or get a refund if there was a dip in sales. It's worth meeting with a trusted tax professional once or twice a year outside of tax time to make sure your entity is correct, retirement is set up correctly, and nothing is being missed.
Key Takeaways
Quarterly estimated tax due dates don't fall on an even 3-month schedule.
Paying quarterly estimates helps avoid a large lump-sum tax bill and underpayment penalties.
Quarterly estimates are based on projections and may not match your actual liability at filing.
Meeting with a tax professional outside of tax season helps catch issues before year-end.
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Music credit: Neon Fairies by Wolves
Note: This episode is from our previous podcast, Confident Money.
