As a reminder, the final quarterly estimated tax payments are due on the 15th of this month.
For the unaware, all self-employed individuals are required to pay the IRS a “self-employment” tax to offset the fact that they don’t have Medicare and Social Security taxes withheld like individuals who earn a salary or wages. However, for those who are only just entering into self-employment, the amount that you will need to pay may not be clear. Visit the IRS website and download a Form 1040-ES to figure out the proper amount that is due.
Payments should be made as soon as possible because the IRS may penalize you for the missing payments if you wait until you file your income tax. Even if you can’t pay the full amount for the missing dates, you should pay as much as you can now and then make another payment once you are able.
Going forward into 2021, remember that the quarterly due dates are usually: April 15th, June 15th, September 15th, and January 15th of the following year.
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