Do I need to pay quarterly taxes?
Short Answer: If you earn income without withholding (self-employed/business profit), you probably need quarterly estimated tax payments.
Quarterly payments help you avoid penalties and prevent a surprise tax bill. The IRS expects you to pay as you earn income throughout the year.
Common mistakes:
• Paying nothing all year
• Guessing the amount instead of calculating
• Forgetting state estimated taxes
What we recommend: Set up a quarterly plan based on your profit and update it as your income changes.
Still have questions?
If you’re not sure what applies to your situation, we can help.