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Everything You Need to Know About Quarterly Estimated Taxes
Learn all about the basics of quarterly estimated taxes
Dealing with taxes can often feel confusing for freelancers or self-employed individuals. One key component of this process is understanding and managing quarterly estimated taxes. Paying these taxes on time every few months is essential to avoiding fines and any unexpected surprises.
Who Should Pay Quarterly Estimated Taxes?
Quarterly estimated taxes are generally meant for individuals who have an income that isn’t subject to tax withholding. For example, this can include earnings from freelance work, business ownership, investments, rental income, and more. If you fall into any of these categories, the IRS usually expects you to make regular tax payments throughout the year.
Understanding the Payment Schedule
The IRS has established a schedule for making these periodic payments. The due dates for 2023 are listed below.
First Quarter: April 18, 2023 (For earnings from January 1 to March 31)
Second Quarter: June 15, 2023 (For earnings from April 1 to May 31)
Third Quarter: September 15, 2023 (For earnings from June 1 to August 31)
Fourth Quarter: January 16, 2024 (For earnings…
