I can see the eyerolls now… quarterly taxes. You shouldn’t be thinking about taxes only during tax season. You may think that paying taxes quarterly would be an even 3-month rotation, but payments are actually due April 15th, June 15th, September 15th, then January 15th of the following year. If your state does income taxes, their dates may be different.

Paying quarterly estimated taxes is just another way to pay your tax bill. It actually means you don’t have a massive tax bill in April that you may end up having to put on a credit card or payment plan. There are other ways to go about paying it, so make sure you check with your tax preparer about that. If you would like help from me and my team, you can reach out on Instagram.

Now understand, quarterly estimated taxes are just an estimate! You won’t know what your total taxes owed are until your taxes are filed so if your profit was different from last year, the estimate won’t necessarily match. Paying the estimate allows you to avoid underpayment penalties from the IRS - that’s it. You may still owe at the end of the year if your business grew, or you may get a refund for overpaying if there was a dip in sales.

Inside my course, there’s a tax calculator that will help with this. Overall, I still recommend that you meet with your trusted tax professional once or twice a year outside of tax time to make sure your entity is correct, retirement is set up correctly, you’re not missing anything, and if anything needs to be changed before the year closes.

We cover ALL of this in the “Get Your Finance Sh*t Together” self-study course at confidentmoneypodcast.com!

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DISCLAIMER:

I am not a financial advisor and this is not financial advice. My podcast is for educational purposes and is my personal opinion only. To make the best financial decision for your situation, please do your own research and if needed, seek the advice of a fee-based, fiduciary.