Quarterly Taxes: for beginners (how much to pay, when to pay, how to pay quarterlies)

[@sailing_life_]

Thanks for the note about coding taxes as 'equity' instead of 'expense'. I didnt know that until watching this

[@shawnr409]

Thru my whole LLC process I have been coasting on everything making this work but taxes has been my worst nightmare. You have made it so simple to understand with this video. Thank you so much for the info

[@JustDreadful]

Hard agree! I just wanted to register as an LLC and trademark to officially have the name and be able to do other business things. Before I knew it I was paying to get these publication requirements done, got a certificate of authority... Like, I just exist. I dont even really make sales. Im staring at the jurisdiction taxable sales / credits section of the quarterly like... ?!?!?

[@juliewarford8828]

Thank you for being thorough!!!! I’ve set up Shopify 2 years ago. I stopped because I was scared and confused. This helped me have motivation to start my shop back up again! Bye bye Etsy and fat commissions being taken from me!

[@sblijheid]

Thanks a lot. I didn't realize that you had to pay quarterly taxes in the year that you started your business. I thought you could pay by April 15 the next year like W-2. When you mentioned it, I looked it up and realized I was about to screw myself over with stupid penalties.

[@lindsaybeutel2148]

I'm in the same boat starting a new private practice working as a dietitian. I highly doubt I will be paying more than $1000 in taxes in the first year of starting a business as its super hard to get clients. How do you know your business will be paying more than $1000 in tax to even know to do quarterly taxes? That's the question! I go back and forth whether to just do quarterly taxes just to save my butt just in case I do make more than 10k in the first year!

[@celiatabitha]

Thank you SO MUCH! This has been the most helpful and straightforward video I’ve come across. So many videos are SO overwhelming. Thank you!!!!

[@amyh.8081]

Thank you so much for breaking taxes down. This was so helpful. I was so overwhelmed by what to do and my friend sent me this video. I don't feel as stressed now.

[@FinePointsBookkeeping]

Hi Amy! We are so glad this video helped explain quarterly taxes in a simple and understandable way! Krista (FinePoints Admin)

[@mayanlandscapingllc3057]

​@@FinePointsBookkeepingquikebooks discount h I w?

[@Brooke-z4j]

Thank you for this video, I never comment on stuff online, but I can't thank you enough for the information you shared here.

[@nopsketchbook]

I read tax forms for like twenty minutes and you summed up what I needed in one easy sentence. thank you for the charts as well. I screen grabbed those. very helpful.

[@FinePointsBookkeeping]

Glad it was helpful! Krista (FinePoints Admin)

[@prasannakumaryr]

Love your videos, straight to the point, no nonsense, no dragging! 🥰

[@maplejubilee]

what if you are self-employed and you have a W2 job? Do you pay estimated taxes JUST based on the percentage from the self-employment job or is the percentage based on your entire income as a whole (W2+self-employement)

[@al-mubdizahir8704]

this is wonderful. so this video has made me a subscriber to your channel. you made it super easy to understand so now im wondering what other videos you have made. thank you so much for this info. this has helped me to prepare for my quarterly estimated. you are an amazing teacher

[@FinePointsBookkeeping]

We are glad you enjoyed this video and thank you for following FinePoints! Krista (FinePoints Admin)

[@FoolishFrankie]

So helpful and clear. Thanks!

[@FinePointsBookkeeping]

Glad it was helpful! Krista (FinePoints Admin)

[@albertalvarado7824]

Tjis is the beat advice I gotten all year about taxes.

[@lunamorris2091]

Thank you so much for this video. Super helpful and well-presented. Your time and effort is most appreciated!

[@FinePointsBookkeeping]

Thank you! So glad you enjoyed it! Lorian, FinePoints admin

[@SuperVigilante007]

Great video, answered all my questions, thanks!

[@staceycontreras4504]

I love your enthusiasm! Thank you for your help!!!

[@KenJames9911]

I've searched KZbin and no video ever addresses this one question. Do consulting businesses (No physical Product), need to file quarterly FL state sales taxes? Must we file, and list as zero taxes collected? or do we not, have to file because it's obvious...

[@qroo]

Great video. Thanks!

[@juliannazinchenko]

Thank you so much for this, you explained this so clearly! You're the best!

[@marcuscass5478]

If I make an estimated quarterly tax payment on the IRS website using the 'Direct Pay' method, how will they know about my expenses and Schedule C? Are those forms only needed at the end of the year?

[@jazzlerbelle2446]

Yes, only once a year when your taxes are filed

[@russhanbey2841]

great advice, but if I owe less than $1,000 in taxes, do I still need to make out the paperwork/fill in the blanks on the IRS website?

[@mattB-uy9bf]

Not enough customers and I spent money on inventory that has not moved like I hoped it would.

[@dionnecarole]

This was just what I needed! Thank you!!!

[@Dave_D.]

What about capital gains? If one has a large gain in March, let's say $100k, your payroll tax withholdings are not going to cover it. Can you just pay a lump sump or do you have to use 1040-ES and make quarterly payments? I don't see anywhere to put cap gain on that form.

[@Shenanigans000]

But do I have to fill out a form for the IRS stating that I haven't made money yet?

[@QualityFramingLLC]

Hey! What happens if you miss the April and June estimated taxes? I am planning on pay for September and January..

[@YouGotThatRight111]

Thank you! Keeper app is very helpful.

[@CustomerService-l2c]

Hello. I opened and LLC this year 2023 and I am not starting to operate, should I have to file something for the IRS declaring that I owe cero?

[@_Brohan]

so if i do 1099 gig work on the side, and make up to the 15% tax bracket with a w2 job, would i need to file quarterly for the 1099 work?

[@lauradaangel]

I am an independent contractor but make less than 10k annually,so I have been paying my taxes on that income annually so I don’t have to pay quarterly right? 😩 could you link where I can find that info on the IRS website?

[@brooklynglasscock4503]

I got 1099 Nec. This year instead of W2.

[@stbrown08]

Thank you-great and easy to understand explanation

[@FinePointsBookkeeping]

Glad it was helpful! Krista (FinePoints Admin)

[@All-Is-well489]

How can I pay my payroll taxes monthly instead of quarterly? Thanks

[@Talkthattalk172]

I didn’t know about this. So the IRS sends out papers for this? I opened my business in March and I haven’t received nothing from the IRS…

[@ericaflorida5424]

I have a question I been in my business about 7months but I haven't started my business yet haven't made no revenue because I work a full time job somewhere else do I still have to paid Quarterly

[@FinePointsBookkeeping]

Hey! Morgan recommends reaching out to a local tax professional to find out. She is not a CPA or tax preparer so she can not give legal advice, she can only share about her experience. Krista (FinePoints)

[@dequevion]

What about the self employment tax?

[@TheKingdomForum]

This was a great video! I learned alot simple and easy! God bless you!🙏🏾

[@FinePointsBookkeeping]

I'm glad it was helpful! Krista (FinePoints Admin)

[@UnwantedCommentary]

What about FICA tax? Do we include that in the quarterlies?

[@tcshy1903]

I have a full-time job that takes taxes, insurance, HSA and 401K out. I just took on a side hustle that is 1099. I need to figure out how to pay quarterly taxes with 2 jobs.

[@reinaldomartinez13]

I'm a bit confused on the formula. So, as an example, let's say I'm going to make an estimated $20,000 by the end of the year which would put me in the 2nd tax bracket as provided in the video. Does that mean that I would owe $1025.50 + $1,167 (20,000 - 10,275 = 9,725 | 9,725 x 0.12 = $1,167) resulting in $2192.5 which divided by 4, would result in quarterly payments of $548.12?? Please help, I'm trying to make sure this is accurate

[@fundomentals]

Thank you so much. This was the easiest video to understand

[@FinePointsBookkeeping]

We are so glad you found it helpful! Krista (FinePoints Admin)

[@Sigma73193]

I make less then 200 for that year but was not qualified to do tax’s because I didn’t meet the 600 in gross sales threshold so I would put 0 for my quarterly tax returns?

[@marksaile2591]

What if I have online selling as side income and I use online platforms like poshmark. Base on the receipts the amount i receive per item sold shows it’s already taxed. Do I need to pay quarterly? And is there also a threshold to start paying quarterly on selling in online platforms? Thanks for the video it’s very informative.

[@jackiexoxo87]

My same question. Please tag me if you get an answer 🙏

[@KristinSchultes]

What about self-employment tax? FICA (medicare/Social Security) - does that roll into what I estimate for federal? That's about 15.3%. :(

[@loganneidermeier9461]

ive only made 1600 and formed my llc 3 weeks ago what do i do

[@SunsetRefillery]

So do you still have to pay if you did not take a draw from your business? And do you have to pay quarterly or can it be with your annual tax return?

[@tissainna1913]

Gosh, you r great! Looked for answers everywhere and you just lay them straight. Thanks!!!

[@FinePointsBookkeeping]

We are happy to hear that Morgan's videos have been helpful to you! Krista (FinePoints Admin)

[@ThaHighAcademy004]

def appreciate this video, described it perfectly !. thank you !.

[@FinePointsBookkeeping]

Glad it helped! Krista (FinePoints Admin)

[@carriedem]

This is JUST the video I needed! Can you please do something similar for self-employment taxes? How are they different?

[@FinePointsBookkeeping]

Hi Carrie! I'm glad you enjoyed this video and will let Morgan know you are also interested in one for self-employment taxes. Krista (FinePoints Admin)

[@selfmadeshortstories692]

Do you have a video on sales taxes? How to pay them?

[@FinePointsBookkeeping]

Hey! Morgan does not have a video on sales tax. The state she live in actually doesn't have sales tax, so she hasn't had much experience with it. But I will let her know it's something you're interested in learning more about. Krista (FinePoints Admin)

[@Royal.Gigi210]

The website didn’t work now I need to mail my payment in will I get a late fee help plz

[@Royal.Gigi210]

I’m doing 3k every 3 months

[@ayeikareviews6127]

For the eatimated does it matter if im filing joint? Like is my net annual based soley on my online business or mine and husbands income?

[@kristanicole7837]

What I’m confused about is filing jointly with my husband who is a W2 employee.

[@FinePointsBookkeeping]

Hey! Morgan is not a CPA or tax preparer so she does not have advice on this. Morgan recommends reaching out to a local tax accountant for further direction on how to file. Krista (FinePoints Admin)

[@CarlosAndresVelasquez]

I have an LLC but I am also a W2 employee. Do my quarterly estimates also need to include my income from the w2?

[@bdeanbass]

This was great. Thank you!

[@Eyes_Unclouded]

Thank you lovely human!❤️

[@terridabbs277]

im in md not sure what i have to pay state and federal? and is IC different tax %and only made 5000 this year so im lost

[@npl141]

what do i do if I work a full time W2 job and also have a single member LLC, do i pay quarterly taxes as well as personal taxes at the April tax season, or do I do both the LLC and my personal taxes all together in April?

[@queenrahmaya829]

I’m the same way, I work a 9 to 5 and have a single member LLC. I suggest that you get “Quickbooks Self Employed” they can help you bookkeep your profits and losses, deductions and etc. I added my W2 income with my business Income as well so Quickbooks will automatically make your estimate quarterly taxes ONLY with your business income. Your W2 employer will automatically pay those taxes for you as an employee. You just only pay the Business Tax in April.

[@c.y.i.didnt.change.my.handle]

Great video! I feel like I understand a lot more now! One question, as a freelancer, do I need to send myself a 1099 or similar form? How do I do that? Thanks!

[@historelagrone]

I work a 9-5 and I also have a small buisness/side hustle? For the year I made more than $10k . for the side hustle made under 10k. This year I am projected to make about the same. Do I pay estimated taxes or no? Also for 2023 I filed my personal taxes and business taxes together through TurboTax if I owed the state and federal government taxes that amount to over 1000.00 should I have been paying estimated tax payments?

[@missymiss8564]

I can not seem to hear what I am looking for. I too am a bookkeeper, it's been a while. To find out how much is owed for taxes (Fica,Medicare, etc) , you take gross amount and "*" it by what the irs/state percentage is? I am correct. Thank you for your help.

[@FinePointsBookkeeping]

I'm not sure how to answer to your question, I'm sorry! Medicare, etc. would be a payroll issue. For quarterly taxes, you take a percentage of the net.

[@JohnToland-jh5if]

this year is my first year doing 1099 nec. i dont make much per year, but it appears that the self employment tax jacks up the tax extremely high- is this normal? I did a tax calculator to see how much i would owe ( im assuming its a very broad estimate) and it was like $8000 even though i only made 36000 on a 1099nec- that seems just, wrong. I really hope it is.

[@Bella-or7os]

on my account excise tax isn’t there :(

[@daniellemills3849]

So I resell on Poshmark and eBay. I pay a 1040 es quarterly and then used my 1099 at the end of the year, plus all my business expense’s deductibles. Would that work? I deduct my cost of goods and fees out of my sales but not my mileage and supplies until the end.

[@jinny7303]

are ACA (obamacare) health care premiums counted as an expense?

[@lindsaybeutel2148]

Hi! I'm starting a new private practice working as a dietitian. I highly doubt I will be making more than 10k (meaning I would pay $1000 in taxes) in the first year as getting clients are hard in the beginning. Does this mean I could wait until April to file my taxes or should I just pay quarterly taxes just in case?

[@417plasma6]

My business just started this last week, and it is a seasonal business as a food cart concession trailer, i have spent close to 12,000 to 14,000 to get started. sales is slow but hopefully building up the business as i go, how is the tax figured when i spent that much and with sales and merchandise i have paid still goes to waste, after 2-4 days depending on the items if course, how does all this fit in as a loss of the business and the claim of the amount spent to get started ? please let me know on if i need to categorize / itemize what i purchase from the store or do i just state this is what i spent, and deduct it as i go weekly..My business will be open from April to Oct maybe Nov depending on the weather of course...so right now it won't be a full year business, so is it best to pay quarterly or the best choice and idea. I know my profit will be 0 amount for a year or so until payments are paid off and/or i hit the lotto which ever comes first lol

[@DTH88]

Dumb question... if i pay quarterly, do i need to still claim the income on my annual filing? It feels like I'm double paying

[@jenniferCastellano927]

So are you making one payment every 3 months or is it two payments every 3 months? Are state and federal taxes paid separately when you are dealing with quarterly taxes.

[@FinePointsBookkeeping]

Two payments. Yeah, state/fed are paid separately.

[@kindree5414]

Hello, I am filling out a CSU application for college and it is asking me to input my Parents' adjusted gross income (AGI) for 2022 and my Parents' untaxed income and benefits for 2022. I know the AGI can be found on line 11 of the 1040 form on the 2022 Individual Tax Return, but I want to confirm where I can find the amount for the untaxed income and benefits? Is it line 2a where it says “Tax-exempt interest” or is it line 2b where it says “Taxable interest”? Line 2a is blank, but line 2b has an amount. Which one would I put? Thank you!

[@DanielVazquez]

Do we receive any form from the IRS showing our 1040-ES Payments? For example, if I am making taxes via TurboTax, how do I tell them I already pre-paid some taxes?

[@FinePointsBookkeeping]

Hey Daniel! Morgan recommends reaching out to a local tax professional. Morgan is not a CPA or tax preparer so she can not give legal advice. Krista (FinePoints Admin)

[@PratapShinde]

Thank you so much. Can i pay these taxes every month as i get paid or am i supposed to pay only on quarterly basis. Also what about State taxes, how do i pay those.

[@FinePointsBookkeeping]

Hey! Morgan is not a tax profession, she recommends reaching out to a local tax preparer to find out how you can pay. Krista (FinePoints Admin)

[@omshalom9486]

Can I pay ES taxes at any date during a quarter or do I have to pay on exact due date ?

[@p93982]

I made less than 10k income last year and had no tax liability but have 8k in trading profits this year do I still have to pay quarterly taxes?

[@allans7281]

Excellent video! You go along at a nice mellow pace If you owe zero taxes for the quarter you can’t send zero money so is there a form that you have to send to the IRS ( online) indicating you owe no taxes? Thx

[@FinePointsBookkeeping]

Hey! There is no form, as Morgan mentions in the video, if you don't make enough to pay quarterly taxes, you simply don't pay. Krista (FinePoints Admin)

[@LaCasaAcademy]

If you owe zero for an individual quarter, then you don't have to send in a form or a payment during that period; however, when you go that route, you are supposed to send Form 2210 and Schedule AI with your tax return so that the IRS won't assume you underpaid for the period (See the note on page 25 of IRS Pub 505: "If you use the annualized income installment method to figure your estimated tax payments, you must file Form 2210 with your [this year] tax return"). I got hit with this requirement one time when an invoice payment was bundled, resulting in an income spike in the last quarter of the year. When figuring your estimated payments, if you choose to make four equal payments for the whole year (regular installment method), then you use Worksheet 2-1. If you choose to pay more or less each period based on your actual income (annualized installment method), then you use Worksheet 2-7. www.irs.gov/pub/irs-pdf/p505.pdf

[@rickeyhughes1784]

Thank you for sharing this video about Quarterly Taxes. As you know, I have a home based business in Bookkeeping and Accounting, and I am self-employed. What you have discussed in the video, does this apply to me also? To be honest with you, I know more about bookkeeping and accounting than I do about income tax preparation. Are there any suggestions you could give me about this, so I can understand it better? Please let me know more about this. I look forward to your response, so I can do well with this in my business. Thank you.

[@FinePointsBookkeeping]

Hi Rickey! Yes, this can apply to you too. Morgan follows this process with her own taxes. Here are 2 other videos that Morgan where she talks about how to do your taxes as a bookkeeper: kzbin.info/www/bejne/iYPRiHWNhNunfrs, kzbin.info/www/bejne/ppisp5V9fpWoncU Hope this helps! Krista (FinePoints Admin)

[@rickeyhughes1784]

@@FinePointsBookkeeping Thank you.

[@erikkerr3065]

Thank you for the video. I set up my irs account to pay quarterly taxes. This seems to be for my personal taxes. How do I set up for my LLC quarterly taxes

[@FinePointsBookkeeping]

You can, but for legal reasons Morgan does not recommend it. Krista (FinePoints Admin)

[@quincyalexander5501]

So you have to pay the 15.3 percent and the other taxes?

[@edensgardenshed9622]

What about seasonal work like lawn care? Do we pay only the quarterly we work? Or divide the whole year by 4? I only have one customer for my first year and don’t want to go to jail. 😂😂 I may just not pay this year and pay penalties because i have no idea if i will get customers. Or should i pay nothing first quarter. Then if i get customers calculate and pay second quarter to make up for the last. And so on as the year progresses?

[@FinePointsBookkeeping]

Hey! Morgan is not able to give legal advice since she is not a CPA or tax preparer. Morgan recommends reaching out to a tax professional in order to find out what you should do. Krista (FinePoints Admin)

[@LaCasaAcademy]

This is covered in IRS Publication 505. If you estimate the whole year (or use last year's tax bill as the basis of your estimate) and make four equal payments, follow the instructions for the Regular Installment Method. If you pay as-you-go based on each quarter's income, follow the instructions for the Annualized Installment Method and remember to include Form 2210 with your tax return. www.irs.gov/pub/irs-pdf/p505.pdf

[@louisewarren3650]

None of my income has taxes taken out. I am voluntarily having taxes taken from my Social Security. If I cancel that can I pay quarterly directly to the IRS and can they be paid online. If so plesse give me the website please.

[@Mrhall-uc2qy]

Hi. Im about to start driving a cab in omaha nebraska. And im wondering how to pay my taxes. Im pretty comfused

[@FinePointsBookkeeping]

Hey! Morgan recommends talking to a local tax preparer. Morgan does not preparer taxes and only speaks on her own experiences in paying quarterly taxes. Krista (FinePoints Admin)

[@Mrhall-uc2qy]

Yep, she said that

[@mariareed5530]

You ARE so AMAZING !!!!!! Thank you..........

[@bonjourAshlyn]

Thank you so much for all the helpful info, but I still have a few questions, I'm just starting my business, if I don't think I'm going to reach that $1,000 in taxes but my shop suddenly takes off do I start making payments in the next quarter, and then make up the rest at the end of the year? Also, when do I fill out schedule c? If I'm making quarterly payments do I turn it in when I first start making them, or before each new payment to reflect profit or loss for each quarter? I've been trying to google it but came up empty. Thanks for any help you can give

[@jazzlerbelle2446]

Schedule C is done annually with your tax return. No need to make estimated tax payments if you believe you will owe less than $1000. If it becomes evident you will owe more than $1000, make an estimated tax payment at the next quarterly due date.

[@ericaflorida1515]

Hi what if your business not making Revenue how do you file this I have a Catering Business and it just a side job do i still have to file this out Quarterly

[@FinePointsBookkeeping]

Hey! Morgan is not a CPA, so she can not give tax advice. She does, however, like to share her experience and how she files her quarterly taxes. Morgan recommends reaching out to a local CPA or tax preparer to find the answers to your question. Krista (FinePoints Admin)

[@ericaflorida1515]

@@FinePointsBookkeeping oh okay thanks for that clarification

[@bo5824]

Does this include the self employment tax?

[@Genxrocker79]

Are you saying if I work a 40 hour a week job and run a sole pro I don't have to do estimated taxes? just pay them all at the end of the year I may do $15k this year on my sole pro. and 46k on my reg job

[@mr.youknowwho4230]

Good question waiting on answer also

[@nickyd.1570]

It depends on how much withholdings you put when you filled out a W-4 form for your 40 hr/week job. If enough taxes is withheld from your paychecks each month, then you won’t need to do estimated quarterly taxes for your sole prop. business, just the annual tax filing as usual. I was having enough taken out that even when my LLC was making $25k I still got a federal and state refund. Some people say you shouldn’t let the government have your money interest free until it’s given back in a refund, but I say I don’t want the government penalizing me 😆

[@jessicameske-caldie7993]

So if my husband and I work standard jobs and our household income is in the 24% bracket, I need to calculate potential taxes based on what income from a sole proprietorship adds to our household income? Like if it adds $10,000 to our income, I’m calculating the tax on that at the 24%?

[@KBlue728]

hmmm, this is interesting as I do not pay my taxes quarterly except for payroll taxes. We are over the 10K threshold. I pay at the end of the year with passthrough and we are an s-corp. This is the way my CPA does it. Just wondering

[@FinePointsBookkeeping]

Hi Kim, There are certainly different ways to do it and if that is how your CPA recommends doing them that's fine if it works for you also. Krista (FinePoints Admin)

[@j.ssuarez]

I am an LLC scorp single member owner and I am a bit confused about paying quarterlies from my business account or my personal account. I'm told that if I pay those from my business account then that counts as distributions so it makes it very easy)I think) for the distributions to be higher than the salary. On the other end if I simply raise my salary in order to save enough for quarterly taxes, then im paying taxes on money im taking out to pay taxes. You know what im saying? So im curious to see your take/suggestion about this. Right now i have two business accounts, one for operating the business and one for saving for taxes but now im not sure if this is the right approach. Thanks for your video!

[@FinePointsBookkeeping]

Yes, I get what you mean! My tax accountant helps me figure out the best salary (for my Scorp)... there is definitely a balance. I've heard that you want to keep your salary low-ish, but "reasonable" for your job.

[@TRVPDINERO]

Amazing video 🎯

[@FinePointsBookkeeping]

Thanks for watching! Krista (FinePoints Admin)

[@alaisneo2007]

I just started my business this year in may. (LLC, sole proprietorship) I did make some money, but have enough deductions to take it to Zero for the year. Am I going to owe anything? Should I have paid quarterly?

[@FinePointsBookkeeping]

Hey! Morgan isn't a CPA so she isn't able to direct you on how to do your taxes. Morgan recommends reaching out to a local CPA or tax preparer that can help answer you question. Krista (FinePoints Admin)

[@focusthenflex]

Hi Morgan! Great video. Quick question that I'm hoping you'll be able to answer soon: I am an independent contractor moonlighting. Is tax bracket dependent what I make overall? Or just for this job? I assume it's overall, but double-checking. Also, would having an LLC have any effect on the bracket? i.e. if I accept income through LLC for the independent contracting gig, would there be the tax bracket for me and an individual, and a separate one for LLC funds? Hope all is well, this is so enlightening!

[@LA-qt3tr]

Im self employed can i pay it once a year when i receive 1099 or i must pay it quarterly with estimated amount? Can someone please let me know.

[@FinePointsBookkeeping]

Hi! Morgan is not a tax professional, so she is not able to give tax advice. Morgan recommends reaching out to a local CPA or tax preparer to answer your question. Krista (FinePoints Admin)

[@texas22jack89]

Thank you, very helpful info

[@janeygraveman1755]

Do you have to make equal payments everyday quarter based on the previous year’s income? Or just pay based on the amount you made during the quarter?

[@FinePointsBookkeeping]

Hey Janey! Morgan is not a CPA or tax preparer and can only speak on her experience with quarterly taxes. She recommends you ask your local accountant what is best for your business. Krista (FinePoints Admin)

[@ajc4132]

Great video. Does this also account for if you’re just getting a 1099 as an individual rather than a small business as a corporation? And should self-employed tax be added to this calculation for quarterlies?

[@LaCasaAcademy]

Yes, self-employment tax goes on line 9 of the estimated tax worksheet: www.irs.gov/pub/irs-pdf/f1040es.pdf

[@sandrahu7122]

i think you will have to pay additional 15.3% SSN+ Medicare taxes and federal taxes

[@ivettesanchez7947]

If I have dba can I pay quarterly? Also do I sign up to pay quarterly or just pay?

[@ivettesanchez7947]

Oh just found my answer towards the end of your video

[@BigCBookkeepingSecretarialServ]

Hey Morgan as a bookkeeper do you give your clients advice about super or payroll or any tax advices? or direct them to accountant?

[@FinePointsBookkeeping]

Morgan does not do payroll or taxes for her clients so she directs them to their CPA or tax preparer. Krista (FinePoints Admin)

[@kathysimindinger8753]

Can I pay monthly or more frequently than quarterly ?

[@olitheadeceglie2123]

Thanks this was very helpful! Question re: categorizing tax payments as equity. Does this apply only to LLC's or sole props as well?

[@FinePointsBookkeeping]

Hey! Morgan isn't a tax preparer and personally only has an LLC. She recommends you ask a local tax preparer or accountant. Krista (FinePoints Admin)

[@noka4033]

What happens if my income is dependent on sales? I won't know how much I made in sales for a year until the end of the year, so how would I make quarterly payments if I don't know how much money I'm going to make at the end of the year?

[@jazzlerbelle2446]

If your AGI is $150,000 or less, you are safe to pay 100% of the taxes you paid last year. If you end up making more this year than last, there will be no penalty but you will have to pay what you owe when you file your annual tax return. This is called the IRS’s Safe Harbor if you want to research.