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Level 1
posted Aug 30, 2023 10:13:59 AM

Self employment

Hello! When do you start filing self employed quarterly? Which month in the year?

0 3 1576
3 Replies
Employee Tax Expert
Aug 30, 2023 10:18:41 AM

Hi mizsatta1,

 

Thanks for your question.

 

For tax year 2023, the following payment dates apply for avoiding penalties:

1st Quarterly Estimated Tax Payment  April 18, 2023
2nd Quarterly Estimated Tax Payment  June 15, 2023
3rd Quarterly Estimated Tax Payment  September 15, 2023
4th Quarterly Estimated Tax Payment  January 15, 2024

 

The same months/days apply each year.

 

 

Employee Tax Expert
Aug 30, 2023 10:21:34 AM

Hello,

The quarterly payments start on 4/15 of every year the next quarterly payments are due: 6/15, 9/15 and 1/15. If you haven't made your payments on those quarterly dates the IRS can charge you a penalty. Best practice is to make the payments that are over due as soon as you are able. I'm adding a link for you to bookmark and for more information. https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-is-irs-form-1040-es-estimated-tax-for-individuals/L384qHYFm#:~:text=Estimated%20tax%20payments%20are%20due,on%20a%20weekend%20or%20holiday

Employee Tax Expert
Aug 30, 2023 10:24:31 AM

Hello @mizsatta1. The quarterly estimated tax payments are paid on the following schedule:

 

Payment Period                            Due Date

January 1 – March 31 April 15
April 1 – May 31 June 15
June 1 – August 31 September 15
September 1 – December 31 January 15 of the following year.

 

https://www.irs.gov/faqs/estimated-tax/individuals/individuals-2