Get Quarterly Business Tax Filing Services at ATAX

You’re generally required to make quarterly estimated tax payments if you expect to owe $1,000 or more in taxes for the year. This typically applies to self-employed individuals, business owners, freelancers, and anyone with significant non-wage income, like rental properties or investments.

Quarterly payments are due on January 15, April 15, June 15, and September 15. If you miss a deadline, you may face underpayment penalties and interest charges from the IRS. The penalty is calculated based on how much you owe and how late your payment is, so it’s important to make payments even if they’re late to minimize additional costs.

You can calculate quarterly payments using Form 1040ES, which helps estimate your annual tax liability and divide it by four. Or you can pay 100% of last year’s tax liability (110% if your prior year AGI exceeded $150,000) divided by four to avoid penalties. Many people find it easier to work with a tax professional like ATAX to ensure accurate calculations.

Yes, you can adjust your quarterly payments if your income increases or decreases significantly. If your income drops, you may be able to reduce future payments or even skip them if you no longer meet the filing requirements. The key is recalculating your annual tax liability whenever your financial situation changes.

You typically only need to make quarterly payments using Form 1040ES vouchers or online payments – you don’t file a full tax return every quarter. However, some businesses may need to file quarterly forms like Form 941 for payroll taxes. Most individual taxpayers just make the payment and then reconcile everything when they file their annual tax return. We can help you understand exactly what forms and payments apply to your specific situation.