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elizabethgmaya
New Member

If I pay estimated quarterly taxes, will I be paying at the end of the year?

As the question above asks, I recently got hired by lyft and have already signed up with quickbooks self-employed and purchased the bundle for next year. I'm starting to pay quarterly taxes beginning Sept 15th, but I want to know if I should be reserving more money from my lyft income for the end of the year?
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Opus 17
Level 15

If I pay estimated quarterly taxes, will I be paying at the end of the year?

It depends on how accurate your estimates are.  You owe estimated payments 4 times a year; April 15, June 15, Sept 15 and January 15 (and yes, the dates are not evenly spaced).  Then you prepare a tax return that calculates your actual tax owed.  If you paid more in estimates, you get a refund, and if you underpaid your estimates, you will owe the rest when you file the return.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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1 Reply
Opus 17
Level 15

If I pay estimated quarterly taxes, will I be paying at the end of the year?

It depends on how accurate your estimates are.  You owe estimated payments 4 times a year; April 15, June 15, Sept 15 and January 15 (and yes, the dates are not evenly spaced).  Then you prepare a tax return that calculates your actual tax owed.  If you paid more in estimates, you get a refund, and if you underpaid your estimates, you will owe the rest when you file the return.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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