If you earn income that is not subject to withholding — self-employment income, freelance work, rental income, or investment gains — you are likely required to make quarterly estimated tax payments.
Missing these deadlines does not just mean a late payment. It means penalties and interest that add up fast.
Here is what you need to know:
📌 Q1 payment covers January through March income
📌 Use Form 1040-ES to calculate your estimated obligation
📌 The safe harbor rule: pay at least 100% of last year's tax liability (110% if your income exceeded $150,000)
📌 Set aside 25-30% of every payment you receive for taxes throughout the quarter
Do not wait until April to scramble. Plan quarterly, pay quarterly, and avoid surprises at filing time.
Our team specializes in small business tax planning.
Schnoldine Lynn Joseph — Tax Accountant, EA, IRS Enrolled Agent, Realtor
John Clerge — Paralegal, Realtor, Insurance Agent, Notary Public, Financial Restoration Specialist
📞 (844) 200-8027 | (973) 392-2785
🌐 book.jrickssfinancialservices.com