
Freelancers, solopreneurs, small business owners and other self-employed people face a unique set of challenges – especially when managing their taxes. Unlike employees whose employers handle tax withholdings, self-employed people must make estimated tax payments four times throughout the year. You should understand this year’s tax deadlines to avoid penalties and stay in good standing with the IRS.
The IRS uses estimated taxes to collect income tax and self-employment tax from people who do not have their taxes automatically withheld from their pay. These taxpayers must make quarterly estimated tax payments to cover their annual tax liability.
Here’s when the quarterly payments are due.
These tax deadlines move to the next business day if the dates fall on a weekend or federal holiday.
Failing to meet these deadlines can result in penalties for underpayment. The IRS calculates penalties based on the amount of unpaid tax and how long it remains unpaid. To avoid these penalties, ensure that you’re paying at least 90% of your current year’s tax liability or 100% of the tax shown on your previous year’s tax return (110% if your adjusted gross income was more than $150,000).
If you cannot file your income tax return by the April deadline, you can request an extension using Form 4868, which gives you until Oct. 15. However, it’s crucial to understand that an extension to file is not an extension to pay. You must still pay all the taxes you owe by the original April deadline to avoid penalties and interest.
Those who miss an income tax filing deadline without requesting an extension must file and pay as quickly as possible to limit penalty and interest charges.
Tax deadlines and payments can be daunting, especially when balancing the demands of gig work, freelancing or entrepreneurship. At Clear View Business Solutions, our experienced team specializes in helping self-employed professionals and small business owners manage their taxes efficiently. From making estimated quarterly payments to filing annual returns and requesting extensions, we offer expert advice to ensure you meet your tax obligations without stress.
Remember, staying ahead of tax deadlines is more than avoiding penalties; it’s about maintaining your financial health and peace of mind. Reach out to us for personalized advice and support and make this tax year your smoothest yet.
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.
Northwest Location:
7530 N. La Cholla Blvd., Tucson, AZ 85741
Central Location:
2929 N Campbell Avenue, Tucson, AZ 85719
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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.