Reminder

To all my solopreneur friends out there:

This is your gentle reminder that your quarterly tax payment is due on September 15, 2022.

^^ I realize that one sentence may send some of you into a tailspin. ^^

It’s okay! Here are some tips.

What months should I be looking at?

Quarter 3 is going to include your net income for June – August 2022.

Do I have to pay?

Individuals, including sole proprietors, partners, and S corporation shareholders, generally must make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.

See it straight from the IRS’s mouth right here.

How much do I pay?

When you filed your taxes for 2021, you should have received estimated quarterly payment stubs from your CPA for this year. If that didn’t happen, you can fill out a 1040-ES, plugging in numbers from your 2021 tax return to see what your estimated taxes for each quarter are. This is the form you will need to file with the IRS when you pay.

Or, if you’re afraid of filling out that form without a CPA to walk you through it, another option is to look at your Quarter 3 income and estimate your annual net income.

Time for a simple math problem:

Once you do the math and know what your $XX (net income) for 2022 will be, use a quarterly tax estimator like this one to give you an estimate on what you owe. Please note that this is just an estimate, likely not exactly what you owe. But it would be better to pay something to decrease the chances of a failure to pay penalty getting slapped on to next year’s expenses.

You can pay your quarterly taxes online here.

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Did I just rock your world? I can help you get your books caught up to alleviate some of your stress. Hop on my calendar for a bookkeeping consultation today so we can keep you up-to-date on a monthly basis moving forward.

Schedule a consultaiton.

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