How to Calculate Quarterly Estimated Tax Payments | 2021 Update

In this video, I cover the why, who, what and how to calculate and pay Quarterly Estimated Taxes.
Q: Why is it important to pay quarterly estimated tax payments?
- If you are found to have underpaid, you will be penalized for late payment of taxes
Q: Who Must Pay Estimated Taxes?
- If you expect to owe $1k or more in taxes when your tax return is filed
- Individuals - interest income, dividend income, capital gains from the sale of stock, homes, a business
- Self employed
- Sole Proprietors or single-member LLCs
- Partners
- S-Corporation shareholders
Q: Who Does Not Have to Pay Estimated Tax?
- You had no tax liability for the prior year (line 24 of page 2, Total Tax)
Safe Harbor Rule
- From the IRS, to avoid penalties for underpayment
- 90% of your total tax bill for the year, or
- 100% of your prior year tax bill
- 110% of your prior year tax bill if your AGI (line 11, page 1) was greater than $150k
Due Dates for Estimated Tax Payments
Quarter 1 - April 15
Quarter 2 - June 15
Quarter 3 - September 15
Quarter 4 - January 15
Q: How to Calculate your Estimated Tax?
1) Calculate Total Taxable Income: Either Annually or by Quarter
- Break it down by quarter (Q1 Jan-March / Q2 April-May / Q3 Ju-Aug / Q4 Sept-Dec)
- Track all income received for the quarter and deduct all eligible business expenses
- In regards to expenses, check your prior year tax return to refresh your memory on what expenses you may have incurred for the quarter
2) Apply your Federal Income Tax Rate
- For sole proprietors, LLC single members, S-Corp shareholders, Partners of Partnerships - Flow Through Income
- Check your income tax bracket: -www.nerdwallet...
3) Self Employment Taxes
- For those who are sole proprietors, LLC single members, partners of partnerships, don’t forget to also calculate the applicable self employment tax.
- Multiply your total income by 92.35%, then multiply that amount by 15.3%
4) Apply your State Income Tax Rate
- Take your taxable income and multiply it by your state’s income tax rate
5) Total Estimated Tax
- Add the calculated Federal income tax and self employment taxes, if applicable
- If Annual, divide by 4
- If quarterly, pay the calculated amount for to the Federal Gov and your State
Q: How to Submit Quarterly Estimated Tax Payments?
- Pay electronically - fastest and safest way
- For Federal - go to irs.gov
- Make sure to have a copy of your prior year personal income tax return (Form 1040)
- Select Make a Payment
- Select either Direct Pay (Bank Account) or Debit Card or Credit Card (if you pay with a credit card, there will be additional processing fees)
- Reason for Payment - Estimated Tax
- Apply Payment to will auto populate to 1040ES
- Select Tax Period for Payment
- Verify Identity - with all information from your prior year tax return (i.e. filing status, name, address)
- Tip: Print the confirmation page once you’ve submitted your payment
- For State - go to your state’s applicable tax site
Please note that this video is for information purposes only and is not intended to provide or relied upon for tax, legal, or accounting advice. Please consult your own CPA, tax advisor, legal and accounting advisors.

[@borchelsijles8064]

Precise, clear and on the point. No beating the dead horse here. Very well done. Thank you sir.

[@Zach-xm5wc]

I'm crying right now because I looked at so many articles and videos and no one has made this topic as clear as you have. Thank you, thank you, THANK YOU, Stephen! :D

[@jasonsignor7237]

Right? It’s like some big secret that no one wants to talk about!!

[@jasonsignor7237]

I have literally watched this video. Probably 10 times. Ha ha. 😁

[@Briabyss]

Same!!!

[@poisonking]

IRS - pay four equal payments across the year (requiring calculation at the beginning of the year) Also IRS - pay accurately for each quarter and if you don't we'll fine the shit out of you and not tell you until the interest racks up. That aside this is a good summary, thank you for making this

[@dd-1280]

Dude, this honestly might sound crazy, but NO ONE explained the fact that you have to pay SELF-EMPLOYMENT, STATE AND FEDERAL TAXES EACH QUARTER except for you!! I kept watching videos about self-employment taxes only, and I'm just like... what about state and federal? Thank you for putting it all together.

[@russdixon8957]

I've not been handling my taxes well for a number of years, and I have looked for this sort of information and not found it presented well or clearly. Thank you so very much for this clear and professional presentation.

[@elizabethfong2284]

Thank you so much for making this video: walking through exactly how to make a payment, and indicating that no form needs to be filed at the time of payment, but that an annual tax return is required. This was extremely helpful!

[@locumcpa]

Thank you Elizabeth for the comment, much appreciated!

[@kpk1014]

@@locumcpa I was wondering about estimated quarterly tax payments for the IRS in regard to traditional IRA withdrawals. I'm 61 years old. I had no taxable income last year. I am single. I'm about to withdraw $107,050 from my IRA. I'm going to withdraw it in Late July maybe early August. I'm using the money towards the purchase of a house. I did own a house just weeks ago, but my former husband received the house in our divorce settlement. I understand the tax on that will be $34,647.50. My question is can I wait until the new year to pay the tax, or do I have to do quarterly or estimated tax payments, which I guess are the same thing from my understanding? If I do have to do quarterly or estimated taxes I was thinking of waiting until around January 11th, 2023 to pay it if the penalty and interest is less than what the taxes would be on the additional funds I would need to withdraw from my IRA to cover the taxes. TY

[@profannaty]

I was getting so confused reading the 1040-ES sheet but your video simplified things immensely. Lifesaver! Thank you so much!!

[@shelby1343]

Thank you so much for creating this content and making this information free and understandable. As someone figuring this out for the first time, this alleviated so much anxiety. I cannot thank you enough.

[@locumcpa]

Thank you Shelby for the comment, very encouraging, I am so glad that it was helpful.

[@robynnoelleryan7400]

I wish I had thought to look for a YouTUbe tutorial on this topic before reading one confusing article after another. This was so helpful, and I now feel confident that I can prepare my quarterly taxes myself while my business is still getting off the ground. Thank you so much!!!

[@blueskiesandgreenpasturesp3848]

Thank you ! I’ve done two modules on this and still had questions and you cleared it up in two minutes.

[@InfoRanker]

I'd rather pay a penalty than try to figure out all of this. What a nightmare.

[@aileenbarrio6658]

5 Stars for your voice clarity, perfect English, topic sequential, organization… I have never seen such a perfect video on this topic. Will follow… thank you so very much..

[@snerixx]

This is so so helpful THANK YOU

[@locumcpa]

Glad it was helpful!

[@민우기-x8t]

It's very helpful to understand what I have to do for taxing.

[@locumcpa]

Thank you for the comment!

[@functionalaestheticse.c.8953]

Excellent video. Thank you! I love that you also included all information from the video in the description.

[@erinreynolds1594]

Most helpful video I’ve found yet. I was pulling my hair out before. Thank you!!!

[@bmwe46zhp]

Thank you for taking the time to make this video for us

[@locumcpa]

Thank you for the comment. I wish you a wonderful day!

[@toastrecon]

I've watched so many videos looking for this one. Thank you!

[@lyriashaffer-bauck1445]

Thank you for sharing this info! You made an intimidating topic VERY accessible to those of us that aren't tax pros!

[@catherinel33]

So helpful as a first time LLC owner! Thank you

[@anaderdimension]

Wow, Youre amazing👏👏👏 You explain every step so clear and organized and neat!! You're the best actually!! Extremelly helpful. Thanks a million!!!.🙂👍👏👏🧡❤💙

[@cientificolatino7475]

This has been extremely helpful, you really broke things down making it very easy to understand. Thank you!!!

[@ahumanmerelybeing]

Stephen, you have literally saved my proverbial bacon. Thanks for this video!

[@locumcpa]

Glad I could help! Have a wonderful day!

[@diskonnektion5496]

This is a very detailed video, thank you. But the US has a marginal tax rate system, so my understanding is that calculating your quarterly taxes would not be as simple as multiplying your income by the tax rate for your tax bracket. The tax bracket would only apply for the income you earned over a certain amount, e.g. if your taxable income is 20,000, a rate of 10% would apply to the first 9550, while a rate of 12% would apply to the next 10,450, so the total income tax would be 2,290 (955 + 1254). If your annualized income also exceeds certain thresholds (which are pretty high and unlikely to be an issue for most taxpayers), you may have to calculate the alternative minimum tax, the additional Medicare tax, or the net investment income tax. Also, although WA, TX, and FL do not have income taxes, the state of Washington does impose a B&O tax on business income of over 12,000, with higher thresholds for some cities in that state. And, of course, some states also have local income taxes (e.g. P.A., OH) and very broad statewide/local business taxes (e.g. HI, NM) in addition to regular income taxes

[@locumcpa]

Thank you for the comment, much appreciated!

[@kilinitadventures1083]

your awesome...informative so I subscribed...thank you

[@julialee7791]

Thank you so much this information. It’s very informative.

[@locumcpa]

Thank you for the comment!

[@lavondad5598]

Thank you so much for the time you put into this video. I'm a new business owner and this information is extremely helpful! Greatly appreciated!

[@DavidG74]

Excellent video! I am new to paying self employment taxes and this helped me out a lot! Thanks so much!

[@locumcpa]

Glad it was helpful!

[@Regina-fk2sq]

What a great video !!! Thanks for the step by step instructions 🎉

[@locumcpa]

Thank you!

[@megandaniels8644]

Thank you times a million for this video!! Really has helped me with our small business.

[@angiekelsay]

Thank you so much Stephen for the pragmatic approach of your video: clear and to the point. Very very helpful.

[@matthewbrown9029]

Alright Stephen.. First off, thank you so so much for your gentle explanation of self-employment tax processes. This was so helpful. Secondly, and I regret having to say this, I am [relatively] new to self employment (just over a year in the business) and I did not know about quarterly taxes all year long. I started business in January 2021 and am filing for this year's taxes now. I realize I'm late. I have done a terrible job at keeping up with dates so this has been a huge wake up call. Anyways, so you have a video explaining how to file for extensions for payments and how to go about paying these impending fines? Fortunately, I didn't make crazy money this year so I don't have much to pay but I hate being late. Thanks for all you've done so far. I wish I came upon your channel sooner.

[@hakeemjackson6297]

Hello Stephen, I was a little confused on step 2. Would my tax bracket be for income for the entire year or would it be by quarter ?

[@trustmebronocap]

This is my question for a long time and no one answers it

[@ThePoconoVlog]

@@trustmebronocap I believe for the year as it stacks in each bucket and is a final income at the end.

[@alanskinner7031]

What kind of penalties and interest do we asses the IRS for any amount paid above the exact amount due. Example would be the 110 percent rule. Any amount paid as extra for this rule would be subject to penalties against the IRS.

[@tinaygonzales4181]

I did not owe any tax last year. I started doing independent contractor work in October. I understand I'm not *required* to make an estimated quarterly payment, but *should I* make one for Oct-Dec 2020 based on my earnings? Again, this is my first year having to file as a 1099 worker and I don't want to do the wrong thing. Thank you so much for your helpful, well done videos!

[@locumcpa]

Great question. Yes, I recommend you to submit a Q4 payment even though it is not necessary. Thank you again for the question.

[@blhatq]

Youre the man.

[@mariajosemadera1042]

Thanks so much!!! Super clear, direct and easy to understand

[@rkbest9783]

Very informative and simple to understand video. Although, I am still confused due to my specific situation, where I file jointly with spouse who get w2 and the employer pays the taxes from their end. My only source is self employment so do I still need to work on my federal taxes quarterly (which depend on the household total) and then also estimated taxes without my spouse income into consideration? Also, what about any deductions like ROTHIRA etc.

[@rkbest9783]

@@_LindseyLou_ no! But I kind of found other resources and have done the estimates.

[@partycooper]

@@_LindseyLou_ I'm curious if you got this figured out. Same boat. Any advice?

[@boahandarrowsproductions4326]

Very, very helpful info. Had to sub with the clarity and breakdown you gave. Thank you again Sir.

[@xXRoRoInDaHouseXx]

Great video! If I go by the safe harbor rule by paying 100% of last year's taxes, do I have to pay that amount 4x times for 2021 tax year? Or is it just once and I'm free from penalties or interest when I look to file my 2021 taxes?

[@MattForemanFlow]

Hey Stephen! Question for you: Would there be benefit to using the Safe Harbor Rule if you know the prior year's tax due will be less than the current year's taxes (with awareness that you'd have to pay the difference later)? And how do you actually apply the Safe Harbor Rule? Do you simply take the prior year's total tax (for year 2020, form 1040 line 24), divide that number by four, and make equal quarterly payments? Also, thank you so much for this video! It's extremely helpful!

[@dakotafrederick6402]

I also have this same exact question! Did you find out the answer?

[@mrs.howell1905]

Great video. My question is, are we to reduce the income by their standard deduction as well or no?

[@bobthebuilder9416]

13:32 On step 4, what if I am doing a 1099m? Thank you for video by the way. Awesome video on quarterly taxes.

[@ericyarman4647]

Hello Stephen, very helpful video!! So I haven't filed taxes due to being a stay at home parent for the last 11 years. I opened my business this year Jan 1st 2021. I can not verify my last year or previous years taxes due to not filling since 2010. How do you suggest I make my first estimated quarterly tax payment for my business?

[@locumcpa]

Great question Eric, thank you for the question. If you aren't able to calculate your effective tax rate, I would apply a Federal rate of 15-25% for your quarterly payment. Don't forget to look up your state's income tax rate and submit an estimated payment to them as well. The due date is April 15, which is coming up. Thank you again!

[@5starubercar698]

Sounds like using the suggestion at the 4:00 minute mark is a lot simpler.

[@josephbalinski]

Thanks for this video Stephen!

[@vavrespaddr7290]

How the heck are you supposed to estimate quarterly estimated taxes if you're a self-employed freelancer? Your income could be $0 for the first 7 months then shoot up $20,000 in the 8th month of the year, but you wouldn't have known this in any month of the year except for the 8th month. How does this work??

[@locumcpa]

In your example, you would not pay any estimated taxes until the freelancer earned income in a later quarter (August). They would then pay a quarterly payment for Q3, September 15 due date.

[@vavrespaddr7290]

@@locumcpa Interesting...thank you for your note!!

[@flipaust239]

Thank you so so much for this!!

[@locumcpa]

Glad it was helpful!

[@-.-aaa]

Great video with high quality once again! One question: If I owed tax in year 2019, can I simply pay 100% or 110% of the tax owed in 2019 (both Fed and State) on 1/15 of year 2021 (for tax year of 2020) to take advantage of the safe harbor rule to avoid the penalty and interest, i.e. no prior quarterly estimated tax payment in Q1, Q2, and Q3?

[@locumcpa]

Thank you Austin for the comment and question. One note of caution, as quarterlies need to have been paid throughout the year, if you should have but did not pay quarterlies in Q1-Q3, you may be assessed a penalty and interest for late payment. Yes, you can utilize the safe harbor amounts, please just check your 2019 AGI to see which percentage 100/110% you should utilize. Thank you again Austin!

[@-.-aaa]

@@locumcpa Thanks for the comment!

[@locumcpa]

@@-.-aaa Anytime! Did you catch the shout out in my latest video about the EIDL Grants? Thank you again for the great video idea!

[@TimothyGRyanCHT]

Thank you for your time and effort to make this video. I am wondering if you combine the payment of the self employment tax and estimated tax together when paying the IRS?

[@locumcpa]

Thank you for the comment, much appreciated. Yes, you would combine the two.

[@yuting386]

Thank you so much! This is so helpful and clear! Can I still refer to this for 2022?

[@xpcodina5119]

This was an awesome presentation. Thank you!

[@Team8LA]

Great lecture, thank you so much. Can you pls teach something about 941 and where to file 940 941 for CA business? Thank you!

[@kennyle5789]

Thanks Stephen! I’m news for this

[@rustysweatshirt2903]

Amazing video! I did the math on 90k and got $28,500 in taxes, I heard about a QBI for self employed where (if applicable) does that come in?!

[@Team8LA]

When we start a business, say online seller in A first year, what city office do we need to create accounts for? Like SSA, EDD? Healthy care? TIA!

[@electricmauinui3871]

Great information! I have a full-time w2 job and my own business with irregular income intervals. Regarding the safe harbor rule am I correct in understanding that: If I track my business income and expenses throughout the year when its time to file my smllc business taxes, as long as I pay everything owed for my business and personal taxes, I won't be penalized for not filing quarterly? I have a service-based part-time business so my income is never the same per quarter. Thank you for your knowledge!

[@t.rinity.]

It's gonna be my first year as a sole proprietorship, so quarterly I pay federal estimated taxes(social security, medicare, income and alternative minimum taxes?), I pay state quarterly estimated income tax payments, and I dont pay estimated local taxes. Then at the end of the year I do a federal, state and local income tax return? Any answer will help me extremely thank you Stephan!! 👍

[@hanappaegiyo]

Hi! Thanks so much for this video - as a first time independent contractor, this was very helpful. I'd like to ask a question: If I began working as an independent contractor in October of 2020, should I pay the Q4 estimated tax payment on January 15th, 2021? Technically, I fall under one of the exemptions because I did not have any taxes owed in 2019 since I was unemployed and in graduate school. However, I just want to avoid penalties in general so is it better if I try to calculate them and pay them now? Or if I don't pay them by Jan 15th, will I have to make up those quarterly tax payments in the future? I hope this question makes sense. Thank you!

[@locumcpa]

Great question! I recommend you pay the Q4 estimated tax by January 15, 2021. That way you would avoid any potential penalties. If you do not pay them by January 15, 2021, you will have to pay them when you file your 2020 income tax return, due date April 15, 2021. Thank you again for the question!

[@hanappaegiyo]

@@locumcpa Thank you so much! That's what I was leaning towards.

[@amethyst442]

Thank you so much. You're a lifesaver! I just started working as an Independent Contractor in December and missed the April deadline. I know that I need to pay CA (State) taxes as well as the Federal Taxes. But do I also need to pay Self Employment Taxes?

[@saikrishnan8277]

Hello fellow momo

[@jtgualtieri]

This was very helpful, thank you!

[@locumcpa]

Thank you for the comment!

[@fedge314]

Hi Stephen, new subscriber. I love the content and very grateful for it. I was wondering if I can calculate any credits in my estimated taxes? Such as the Qualified Business Income Deduction (QBI)?

[@locumcpa]

Thank you Fedge for the comment. You can definitely incorporate the QBI deduction.

[@michaelvadney5803]

Thanks for this video!

[@coachaprildulac]

I know self employed ppl like me who make even more than I do and they never do quarterly nor are charged penalties. They just do their yearly taxes and pay what it says they owe.

[@Chandler890]

they are asking to verify your identity choose tax year while submitting payment online, what if is my first year filing taxes for yr 2020, my return isn't even in their records yet.

[@kellydean4232]

question. What if I opened my business this year? How do I know if I have to pay and how much?

[@catherinel33]

Hi Stephen, I saw that if I'm doing quarterly estimated payments and paying the IRS online then I do not need to send in paperwork. Do I still need to fill out the 1040-ES for my records? Or can I just use the calculations that you had listed? Thank you!

[@locumcpa]

Great question. No need to send in the 1040-ES if your paying online.

[@catherinel33]

@@locumcpa Thank you! You're amazing!

[@wildorchid4088]

Hi! Stephen, I have a few questions. I usually file taxes jointly with my husband. Since I'm starting to work as a independent contractor and he's employed. I would like some advice please? Thanks

[@sn2477]

Hi Stephen, very informative video and very well presented. I have a single owner s corp and i just started my business in January 22. Since its an S corp, i was wondering how i calculate estimated taxes. Since i will have to pay myself a reasonable wage, and those taxes for employee and employer portion will be handled by payroll such as Gusto. Do i have to deduct my wages, employer portion fica taxes, expenses, etc and then calculate my balance distribution and then pay estimated taxes on those? Or do i take the whole gross income into account while calculating estimated taxes? Reason im asking this is because my gross income already includes my wages for which im already paying employee employer payroll taxes. Also for an s corp, you only pay fica taxes on employee and employer payroll and not the distribution.

[@wilsoneashoian5789]

Hi Stephen, First of all, great informative video. I have a question for you. Let’s say I made $100K stocks capital gain (long term more than 1 year holding). Is the taxes 15% on capital gain ($15K)? And if yes, how can pay it using the IRS website, and when I will be doing the taxes next year, how can incorporate the $15K taxes paid into my 1040 form? Thanks

[@sauceboss18]

Thanks for the video! I was wondering if I can be assessed an underpayment penalty for not withholding enough on from my W-2 pay if I am ultimately due a refund at filing-time. I calculate that I have credits and payments that are more than the anticipated tax due. Do I still need to make payments to ensure I get to the 90%/100% even though my credits are higher? Thanks again! I am definitely subscribing to this channel...

[@ar.shankarhosakere009]

I have failed to file Es for Q1 & Q2 for ST gains from stock & Fund trades, which are substantial. Can I follow the safe harbour method and pay what's paid in 2020, even though I know what's due now is substantially more.

[@zelleel]

I’m curious about that as well

[@ajmograph5001]

I LOVE YOU! I LOVE YOU SO MUCH! THANK YOU!!!!

[@blueskiesandgreenpasturesp3848]

Be sure to deduct any expected credits or withholding paid on wages from your tax owed .

[@matta2800]

This also applies for self-employed (1099 employees) correct?

[@locumcpa]

Yes

[@CarlosEduardoDaCosta]

Hi! thank you for your video. I have a question concerning Profit and Loss Statement. For example I need to give the government's Health Insurance an update on my income for 2022, this is the first year I am totally as self employed. My question is: the total amount of my income report should be before or after taxes? That is my TOTAL INCOME minus TOTAL EXPENSES/DEDUCTIONS or TOTAL INCOME minus TOTAL EXPENSES/DEDUCTIONS minus TAXES? Should I apply any On Net Profit percentage? Thank you

[@ElenaEfimovaPersonalTrainer]

Hello Stephen, thank you very much for the information! I have a question for you . I’ve only started working 2022 in June . Should I have pay quarterly taxes 15 September this year ? Thank you

[@squirrelattackspidy]

Great presentation dude.

[@locumcpa]

Much appreciated!

[@jasonsignor7237]

I don’t understand how to calculate quarterly est. tax for state. You did not go into details on that.

[@alijawed1234]

Stephen is the best! Same applied on Foreign owned SMLLCs? But taxable income would be the US source income WHEN you have USTB, correct?

[@woofmeowdogwalking-catsitt7356]

So i keep seeing these videos but they only explain how to pay your own individual taxes but every year on the 1120s tax return always asks about quarterly taxes... I want to know how to pay these throughout the year. Not individual. Any help?

[@WakelessSnaps]

Amazing thank you! 🤙

[@matta2800]

When keeping track of mileage, does the Cost Method or Milage method apply for the quarterly taxes or only for the annual?

[@locumcpa]

It applies to both.

[@isaacroy1827]

I have a question, so for the sage harbor rule do I just have to pay the 100% taxes due at any quarter or should I do it at the earliest quarter?

[@atwotalentsteward9342]

If I go a whole quarter with 0 earnings or negative (losses), do I not submit anything?

[@alliealba8806]

Thank you for this video, is the formula still accurate for 2022 estimated taxes?

[@MiaQuacko]

what about social security and medicare.. how do those get paid? i can always google it but wasnt sure

[@manaflask8826]

Calculate taxable income by quarter... BUT quarter 2 is not a quarter. It's due June 15, which includes only April and May's taxable income -- which is 2 months... and 2 months is not a quarter. The IRS creates these tricks and loop holes so people mess up on their taxes and have to pay penalties for additional revenue to the IRS.

[@paulcali08]

What if a retired individual had IRA distributions and CD/savings accounts interest for the year, was unaware and therefore did NOT withhold taxes or make any estimated taxes for Tax Year 2022, is there anything this individual can do now to avoid IRS penalties and interest?

[@christinewheeler8274]

My spouse and I have traditional jobs with taxes taken out, but I am starting an additional job where I am freelanced. Do I need to pay estimated quarterly payments on this gig job? When calculating, do I include all of out income? Thank you

[@Crazgirl1o]

did he reply?

[@christinewheeler8274]

@@Crazgirl1o Hello No reply but I found the government site on how to pay and estimate. Basically I'm throwing $500 bucks per quarter at it & I'll get it all back and then some when we file. Is that the best way to do it? Probably not, but it works for me.

[@66lwmorgan]

Do you have to pay quarterly if you think you'll have enough write off mileage to cover what you might owe?

[@annettereid1160]

Hi Stephen, I have a second job , l got this job in March 2021 made 500 in march, and $1,988 now every 2 weeks, how much tax should I really pay. Or I should have my first job take a little more tax from my paycheck. Thank you Stephen

[@missmii13]

Hello. This is very helpful. Just to clarify, if I understood correctly. I have filed my taxes for 2020 with a w2 since I was employed with a corporation and I don’t owe anything. For this current year, I started working as self-employed late January, and will get a 1099 from my private employer. Now, do I have to pay quarterly estimates for my 2021 taxes to avoid paying penalties at the end of the year or I’m exempted? Thank you!

[@MrPilotguy20]

Hey there! Does the safe harbor rule also apply to Oregon state taxes paid from the prior year? Thanks

[@locumcpa]

Great question. Each state has their own safe harbor test, the video was in regards to the Federal safe harbor rules.

[@majorenkova]

What if I'm only using standard mileage rate as the only expense?

[@jesusfuentes8906]

very good information, thanks 🙏

[@fpark101]

Very helpful tax info. Thank you

[@jinny7303]

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

[@elgs1980]

Can you please explain what the 92.35% is for?

[@missiz09]

Hi, thank you for this info! Is health insurance and 401k/Roths deducted from total income as a self-employed individual? I am not sure if taxable income includes/ excludes these. Thanks!