Yes. We can prepare your quarterly estimated payments for you. You will no longer have to wonder if you're doing it right because one of our Pro's will prepare all the forms for you and provide you with some easy to follow instructions for making your quarterly payments. Click here to get started, or read on for more information.
What are estimated payments?
Estimated payments are tax payments that you make on a quarterly basis to the government.Who should make quarterly payments?
Businesses or individuals who expect to have to pay taxes at the end of the year should make quarterly payments. Here are some more specific examples:
- Independent Contractors (Individuals who receive a 1099-MISC)
- Consultants (Individuals who receive a 1099-MISC)
- Sole proprietors (Individuals who run an unincorporated business)
- Profitable Businesses (C-Corps, S-Corps, LLPs, LLCs, etc.)
- You should also consider making estimated payments if you had to make a tax payment after you filed your return last year.
Why should I make quarterly estimated payments?
Most often, individuals and businesses make estimated payments in order to help manage cash flows and prevent them from having to scramble for cash at the end of the year. Making 4 smaller payments is often easier than making one large payment. According to IRS standards, estimated payments should be either 90% of this year's tax liability or 100% of last year's tax liability. Making payments in accordance with that standard will help to avoid underpayment penalties.