Self employed

As a self employed individual, NY State indicates that you may be required to make estimated tax payments if:

• you receive income such as interest, dividends, alimony, capital gains, gambling and lottery winnings, prizes and awards, or income from a pension;
• you expect to owe income tax of $300 or more to New York State, New York City, or Yonkers; or
• you expect to owe income tax of $1000 or more to the IRS.

NY State recommends that you use form IT-2105-I, Instructions for Form IT-2105, Estimated Tax Payment voucher for Individuals, to calculate your estimated tax payments. You can pay electronically, check your balances, and view your estimated tax account by creating an Online Services account on the NY Department of Taxation and Finance website https://www.tax.ny.gov/online/createaccount.htm#ind. 

You can also pay using Form IT-2105, Estimated Tax Payment Voucher for Individuals. This payment voucher is required if you mail your payment.  For federal taxes, you will need to use form 1040-ES to figure out your estimated tax payments and use the attached voucher to pay your estimated taxes.  You can also pay electronically or by mail.  

If you file taxes on a calendar year basis, you can either pay all your estimated tax with the first payment or pay it in four equal installments due on 

• 1st payment: April 18, 2023
• 2nd payment: June 15, 2023
• 3rd payment: September 15, 2023
• 4th payment: January 16, 2024