The U.S. income tax system is pay-as-you-go, meaning that you pay taxes as you earn income. According to the IRS, sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when they file their tax return.
If you work for a business and are a W-2 employee, taxes are accounted for as withholdings. If you are self-employed as an independent contractor or freelancer, you pay your taxes quarterly.
You file quarterly taxes with Form 1040-ES, Estimated Tax for Individuals. Using your previous year’s annual tax return, you can use the form’s worksheet to determine if you must file quarterly estimated tax and how much.
For more information on estimated taxes and how they might affect you, consult with your CPA or visit the IRS online.
2022 Payment Due Dates for Estimated Taxes
April 18, 2022
June 15, 2022
September 15, 2022
January 17. 2023*
* If you file your 2022 tax return by January 31, 2023, and pay the entire balance due with your return, you do not have to make the January 17 payment.
If you need assistance or have any questions on the information in this article, please call your CironeFriedberg professional. You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford) or email us at info@cironefriedberg.com.
