As a self-employed individual, you may need to pay estimated quarterly taxes to avoid underpayment penalties. The IRS expects self-employed individuals to pay yearly taxes rather than in one lump sum during tax season.
Here’s how to calculate and pay your estimated taxes:
Estimate your income for the year.
Calculate your self-employment tax (usually 15.3% of your net earnings).
Submit quarterly payments (typically April 15, June 15, September 15, and January 15 for the previous year).
You can use IRS Form 1040-ES to calculate and submit these payments.
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Sudip Sengupta is the founder and chief author of Tfin Career, a trusted platform dedicated to tax, finance, and investment. With extensive knowledge of the tax systems and financial regulations of both the United States and India, he creates clear, practical, and reliable content that helps individuals, professionals, and businesses make informed financial decisions. His mission is to simplify complex tax and financial topics through expert insights, step-by-step guides, and up-to-date information, empowering readers to achieve long-term financial success with confidence.
Areas of Expertise:
Tax, Finance, Investment, Currency, Stock Market, Share Market, Finance Analysis, Tax & Finance Career, US & Indian Taxation,
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