Self-Employed Quarterly Filing

Forum|Forum|3 years ago
May 24, 2023
1 reply
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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?

Ask the Experts - W-4 - May 2023

IrmaN

Level 2

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:

With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link
Answer No to the question Do you want to change your W-4 withholdings for 2023?
Answer the questions about things like your 2023 filing status, income, and deductions
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.