Self-Employed Quarterly Filing

[darlingkm]

I just started my own business. I am interested in exploring quarterly filing options to decrease the amount I owe all at once. How do I go about doing this?

[IrmaN]

Hello 

Here is one method of calculating your estimated taxes:

X= 110% of 2022 tax divided by 4

subtract A which is tax withheld to date

P= payment

X-A=P

The payment due dates are:  4/18/2023,  6/15/2023,  9/15/2023  & 1/16/2024

You can make the quarterly payments at irs.gov - Make a payment

Or you can go back to your 2022 tax return and follow these prompts:

You can also calculate your 2023 estimated taxes and generate the payment vouchers by doing this:

1. With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link
2. Answer No to the question Do you want to change your W-4 withholdings for 2023?
3. Answer the questions about things like your 2023 filing status, income, and deductions
4. Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2023 1040-ES payment vouchers when you print a copy of your return later.

Hope this helps