If you are an independent contractor, have your own business, or do not have federal income taxes withheld from your earnings, you’ll need to estimate tax payments. Our guide gives you insight into calculating your taxes, the deadlines to file, and more.
If you earn the same income each month, you can calculate your total tax liability for the year, then divide this amount by 4. To demonstrate, if you find you’ll owe the IRS $5,000 at the end of the year, you will make quarterly payments of $1,250. When figuring out your tax liability, keep in mind any credits and deductions you took the previous year that might still apply.
However, if your income fluctuates monthly, you can estimate how much you’ll make the rest of the year. You can compare past year’s earnings to help you ballpark an amount. Or, you can take a three-month average of your income if your business tends to have a natural ebb and flow. In both instances, the IRS offers form 1040-ES you can use to determine tax liability.
Here is a look at the filing deadlines for 2022:
There are multiple ways to pay your taxes. You can mail in a check, money order, or cashier’s check with your form 1040-ES. The IRS allows you to set up a Direct Pay through its website, using your bank account or credit/debit card. If you use a card, an additional processing fee applies.
There can be penalties if you file late. They might not apply if your tax liability is less than $1,000 or if you paid 90% of your current year or 100% of the previous year–whichever balance is lower. If neither situation applies and you file late, the IRS can impose penalties for doing so.
If you have questions about your taxes, our team can provide the answers. Our tax team can help you navigate the complexities of tax law. Most importantly, we can file taxes on your behalf to ensure you remain compliant with federal and state tax laws. Contact us today to learn how we can simplify your taxes.
At Clear View Business Solutions, we know you want your business to prosper without having to worry about whether you are paying more in taxes than you should or whether your business is set up correctly. The problem is it's hard to find a trusted advisor who can translate financial jargon to layman's terms and who can actually help you plan for better results.
We believe it doesn't have to be this way! No business owner should settle for working with a CPA firm that falls short of understanding what you want to achieve and how to help you get there.
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At Clear View Business Solutions, we know you want your business to prosper without having to worry about whether you are paying more in taxes than you should or whether your business is set up correctly. The problem is it's hard to find a trusted advisor who can translate financial jargon to layman's terms and who can actually help you plan for better results.
We believe it doesn't have to be this way! No business owner should settle for working with a CPA firm that falls short of understanding what you want to achieve and how to help you get there. With over 20 years of experience serving hundreds of business owners like you, our team of experts combines financial expertise and proactive communication with our drive to help each client achieve results and have fun along the way.
Here's how we do it:
Discover: We start with a consultation to understand your specific goals, what's holding you back, and what success looks like for you.
Strategize & Optimize: Together, we design a customized strategy that empowers you to progress toward your goals, and we optimize our communication as partners.
Thrive: You enjoy a clear view of your business and your financial prosperity.
Schedule a consultation today, and take the first step toward being able to focus on your core business again without wondering if your numbers are right- or what they mean to your business.
In the meantime, download, "The Business Owner's Essential Guide to Tax Deductions" and make sure you aren't leaving money on the table.
